Gold prices down but ignore mixed U.S. durable goods data
(Kitco News) - Gold prices are under pressure but continue to see little reaction to dated economic data following mixed numbers in the U.S. manufacturing sector.
Wednesday, a Commerce Department report showed U.S. durable-goods orders rose by 1.2% or $249.4 billion in February. The data significantly beat expectations as economists were expecting to see a 1% decline.
However, the report also said that core durable goods, which strips out the transportation sector dropped 0.6% last month. The data missed expectations as consensus forecasts were calling for a 0.4%.
The gold market is seeing little reaction to the data as it trade off its session lows. According to some market analysts the gold market is seeing some selling pressure as investor sentiment has improved after U.S. politicians managed to pass a $2 trillion aid package in the U.S. Senate.
April gold futures last traded at $1,632.60 an ounce, down 1.70% on the day.
Many economists continue to dismiss February economic data has the rapid spread of the coronavirus has significantly changed the economic landscape in the last few weeks. However, some economists said that the drop in core data highlights further weakness to come.