Gold prices steady as U.S. factory orders rebound in October
(Kitco News) Gold prices were steady after the Commerce Department reported that U.S. factory orders were up 0.3% in October following two months of declines.
The data was in line with market expectations, whcih called for a 0.3% increase. Meanwhile, September’s fall in orders was revised down to 0.8% from 0.6%.
On an annual basis, factory orders were down 0.4%, the report added.
Orders for non-defense capital goods excluding aircraft, which is a gauge used to forecast business spending plans on equipment, was up 1.1%. Also, October’s shipments were up 0.8%.
Gold prices ticked up in response to the data but remained largely steady with February Comex gold futures last trading at $1,482.60, up 0.16% on the day.
Most markets have been treading water on Thursday ahead of a key U.S. economic report that is due out Friday, said Kitco’s senior technical analyst Jim Wyckoff.
'“Traders are awaiting the U.S. economic data point of the week, if not the month: Friday’s employment situation report from the Labor Department,” Wyckoff said. “The key non-farm payroll number is expected to come in at up around 185,000 jobs.”