(Kitco News) - The gold market is setting new session highs after the latest economic data showed sales of durable goods beating expectations in May.
The Commerce Department announced on Thursday that U.S. durable goods orders increased 0.1% last month, following April’s downwardly revised 0.2% rise. The data was better than expected as economists were looking for a -0.1% decrease.
Core durable goods, which strips out the volatile transportation sector, fell 0.1% in May, worse than the consensus forecast for a 0.2% increase. April’s core print was unrevised at 0.4%.
Meanwhile, non-defense capital goods orders excluding aircraft manufacturing fell 0.6% in May, much worse than the expectation for a 0.2% rise, while April’s 0.3% print was revised downward to 0.3%.
The gold market is setting fresh highs following the better-than-expected economic data, with spot gold last trading at $2,323.35 per ounce, up 1.08% on the session.
