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