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Gold prices remain down as U.S. core durable goods orders drop 0.5% in September

Kitco Media
By Neils Christensen
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(Kitco News) - The gold market continues to see some technical selling pressure even as the U.S. manufacturing sector lost some significant momentum last month.

Thursday, the Commerce Department said that U.S. durable-goods orders increased by 0.4% last month. The data was weaker than expected; consensus expectations compiled by various news organizations called for durables to increase 0.6%.

However, stripping out the volatile transportation sector, core durable goods orders declined 0.5% last month. Economists were expecting to see a 0.2% rise.

The gold market is not seeing much reaction to the latest economic data. December gold futures last traded at $1,663.20 an ounce, down 0.37% on the day.

Kitco Media

Neils Christensen

Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada. He has worked exclusively within the financial sector since 2007, when he started with the Canadian Economic Press. Neils can be contacted at: 1 866 925 4826 ext. 1526 nchristensen at kitco.com @KitcoNewsNOW

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