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