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Gold remains softer after U.S. Dec. durable-goods orders rise 2.4%

Kitco News

(Kitco News) - Gold prices remained on the defensive after a Commerce Department report Tuesday showed U.S. durable-goods orders rose by 2.4% to $245.5 billion during in December. Spot gold was last down $7.80 to $1,573.50 an ounce.

Consensus expectations compiled by various news organizations called for durables to be somewhere between a 0.3% decline and a 0.4% rise.

Orders for transportation equipment, up following three consecutive monthly decreases, drove the increase, rising 7.6% to $82.9 billion.

The durables report tends to be more volatile than most data since it covers big-ticket items, meaning potential for big swings if one sector has a strong or weak month. 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.

The December increase in durables followed downwardly revised 3.1% decline for November.

Excluding transportation, new orders fell 0.1% last month. Excluding defense, new orders decreased 2.5%.

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