Make Kitco Your Homepage

Gold prices down but ignore mixed U.S. durable goods data

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(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.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.