Gold Pares Gains After June U.S. Durable-Goods Orders Rise 2%
Ed Note: We are proud to unveil our new mining page, an entire space dedicated to up-to-the-minute news, with exclusive industry interviews and all the relevant information you need, rounded in up in one spot. Who is merging? Who is Buying? Who is Digging? We got you covered!
(Kitco News) - Gold prices pared early gains after a Commerce Department report Thursday showed U.S. durable-goods orders rose 2% to $246 billion in June. Spot gold was last up $2.10 to $1,427.40 an ounce.
Consensus expectations compiled by various news organizations called for durables to be up by around 0.7%. The increase came after two consecutive monthly decreases, including a 2.3% decline in May, the government said.
Transportation equipment, also up following two consecutive monthly decreases, led the over increase in durables, rising by 3.8%, the government said. New orders excluding transportation rose 1.2%. Excluding defense, new orders increased 3.1%.
The government’s durables report covers items with an expected life of at least three years, such as kitchen appliances, computers, furniture, autos and airplanes.