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Gold Pares Gains After June U.S. Durable-Goods Orders Rise 2%

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(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.

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