Gold remains softer after May U.S. durable-goods orders rise 15.8%
(Kitco News) - Gold remained on the defensive after a Commerce Department report Thursday showed that U.S. durable-goods orders rose by 15.8% to $194.4 billion in May. Spot gold was last down $5 to $1,756.30 an ounce.
Consensus expectations compiled by various news organizations called for durables to be up by somewhere between 10.3% and 10.9% as factories began ramping up again after previous shutdowns to combat the COVID-19 pandemic. The rise came after two straight monthly decreases, including an 18.1% fall in April, the government said.
Transportation equipment led the increase in orders of durables, rising 80.7% to $46.9 billion. Excluding defense, new orders increased 15.5%.
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 data came out at the same time as reports on gross domestic production and jobless claims.