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Gold price ignores 0.9% drop in U.S. durable goods numbers
(Kitco News) - Gold prices remain under significant pressure and are seeing ittle movement following mixed activity in the U.S. manufacturing sector.
Thursday, the Commerce Department said that U.S. durable-goods orders fell by 0.9% last month. The data was slightly worse than expected; consensus expectations compiled by various news organizations called for durables to fall 0.6%.
However, stripping out the volatile transportation sector, core durable goods increased 0.4%, in line with expectations.
The gold market is not seeing much movement in reaction to the latest economic data. February gold futures last traded at $1,804 an ounce, down 1.41% on the day. Gold prices are seeing significant selling pressure hawkish comments Federal Reserve Chair Jerome Powell Wednesday.
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Gold price in CAD trims daily losses as Bank of Canada holds off hiking rates |
The U.S. central bank is setting the stage to raise interest rates in March.
Some economists note that while the headline durable goods data was weaker than expected. Revision to November data outweighs the current weakness. November's data was revised up to 3.2% compared to the intitial estiamte of 2.5%.
