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Gold price at daily highs as U.S. factory orders beat expectation in June

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(Kitco News) Gold was trading at daily highs after the U.S. Census Bureau reported that U.S. factory orders rose 6.2% to $437.2 billion in June.

Consensus expectations compiled by various news organizations called for orders to be up by 5%. May’s advance in orders was revised down to 7.7% from an increase of 8%.

Orders for non-defense capital goods excluding aircraft, which is a gauge used to forecast business spending plans on equipment, was up 9.5%. Also, June’s shipments were up 9.8%.

Gold prices edged up in response to the data with December Comex gold futures last trading at $1,994.60, up 0.42% on the day.

“Gold and silver are continuing to see support from safe-haven demand amid the worrisome rise in Covid-19 infections, geopolitics and concerns about problematic price inflation in the coming months,” said Kitco’s senior analyst Jim Wyckoff

Live 24 hours gold chart [Kitco Inc.]

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