U.S. factory orders beat expectation in November, gold price trading near daily lows
(Kitco News) Gold was trading near daily lows after the U.S. Census Bureau reported that U.S. factory orders rose 1% to $487.2 billion in November.
Consensus expectations compiled by various news organizations called for orders to be up 0.7%. October’s advance in orders was revised up to 1.3% from a 1% increase.
Orders for non-defense capital goods excluding aircraft, which is a gauge used to forecast business spending plans on equipment, were up 0.5%. Also, November’s shipments were up 0.7% at $492.9 billion.
Gold prices edged down in response to the data with February Comex gold futures last trading near daily lows at $1,931.60, down 1.17% on the day.