Make Kitco Your Homepage

Gold price ignores 0.9% drop in U.S. durable goods numbers

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 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.

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%.

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.