Make Kitco Your Homepage

Gold prices trying to hold on as U.S. manufacturing sector sees steady activity

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Gold prices are trying to hold on to modest gains following the release of economic data that shows momentum within the U.S. manufacturing sector is holding steady.

Friday the Commerce Department said that U.S. durable-goods orders declined by 0.4% in September, following August’s revised increase of 1.3%. The data was better than expected; consensus expectations compiled by various news organizations called for orders to decline 1.1%.

This is the first decline in headline orders in four months.

Excluding transportation, new orders rose by 0.4% the government said, in line with expectations.

However, according, to some economists the latest data does little to relieve growing stagflation fears as the nation faces slowing economic activity and rising inflation.

“In terms of the overall headline, downward revisions to August data eliminate most of the beat. Deeper in the report, unfilled orders rose 0.7% and have risen in eight consecutive months,” said Adam Button, chief currency strategist at

The gold market has seen little reaction to the mixed economic data. December gold futures last traded at $1,794.20 an ounce, relatively unchanged on the day.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.