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U.S. durable goods beat expectations in April, gold price falls

Kitco Media
By Anna Golubova
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(Kitco News) Gold dropped after the newly released data showed that orders for long-lasting U.S. factory goods were up 1.1% in April versus the expected decrease of 1%.

Meanwhile, March’s number was revised up to an increase of 3.3%.

The monthly increase in durable goods orders was $3.1 billion, led by the transportation equipment sector - up for the second consecutive month, the U.S. Census Bureau said in the report.

The core durable goods section, which excludes the volatile transportation sector, was down 0.2% in April versus the expected unchanged territory. Excluding defense, new orders fell 0.6%.

The government’s durables report covers items with an expected life of at least three years, such as kitchen appliances, computers, furniture, autos and airplanes. Economists carefully watch the data for changes to show where the economy might be heading.

Following the release, gold fell below $1,950 an ounce, with upbeat economic data encouraging more Federal Reserve rate hike bets, which weighed on gold. June Comex gold futures last traded at $1,946.90, up 0.16% on the day.

Live 24 hours gold chart [Kitco Inc.]

Kitco Media

Anna Golubova

Anna Golubova is the Producer for Kitco News. With more than ten years of experience in media, she has covered a range of topics, focusing on economy and politics. Anna began to exclusively cover economic news in 2013, attending media lockups at the Bank of Canada and Statistics Canada to report on a range of key macro economic events, including interest rate announcements, GDP, unemployment, and retail. She holds a Master of Arts in International Relations from NPSIA, Carleton and a Bachelor's degree in Political Science and History from the University of Ottawa.

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