Gold maintains gains after U.S. durable-goods orders fall 17.2% in April
(Kitco News) - Gold prices held onto early gains gains after a Commerce Department report Thursday showed that U.S. durable-goods orders fell by 17.2% during April. Spot gold was last up $12.50 to $1,722.20 an ounce.
Consensus expectations compiled by various news organizations called for durables to be down by somewhere between 18.2% and 19%.
A $35.4 billion decline took durables to $170 million, with orders falling in three of the last four months. This came on the heels of a 16.6% decline in March.
When excluding transportation, new orders decreased by 7.4%. Excluding defense, new orders decreased 16.2%. Transportation equipment led the overall decrease, falling by $23.9 billion, or 47.3%, to $26.6 billion, the government said.
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.