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(Kitco News) - The gold market continues to hold its ground around $2,000 an ounce even as economists expect recession fears to start to ease following strong-than-expected manufacturing data.
Wednesday the Commerce Department said that U.S. durable goods orders rose 3.2% last month, following February’s 1.2% decline. The data was stronger than expected; consensus expectations compiled by various news organizations called for durables to increase by 0.7%.
Capital goods orders, transportation sector, increased 0.3% in March. The data also beat expectations, as economists were looking for a 0.2% drop.
The gold market is maintaining modest gains in initial reaction to the latest economic data. June gold futures last traded at $2,008.70 an ounce, up 0.21% on the day.
However, despite some strength in the headline number, some analysts noted further weakness in the manufacturing sector. Core durable goods, excluding the transportation sector and defense spending fell 0.4% last month, down from February’s 0.2% increase. Economists were expecting to see a 0.1% drop.
