(Kitco News) - The gold market is trading near session lows after the latest economic data showed sales of durable goods disappointing to the downside in June.
The Commerce Department announced on Thursday that U.S. durable goods orders declined 6.6% last month, following May’s 0.1% rise. The data was far worse than expected as economists were looking for a 0.4% increase.
Core durable goods, which strip out the volatile transportation sector, rose 0.5% in June, better than the consensus forecast for a 0.2% increase. May’s core print was unrevised at -0.1%.
Meanwhile, non-defense capital goods orders excluding aircraft manufacturing rose 1.0% in June, above the expectation for a 0.1% rise and May’s -0.9% print.
The gold market is trading not far from session lows following the worse-than-expected economic data, which was released at the same time as U.S. Q2 GDP and weekly jobless claims. Spot gold last traded at $2,370.28 per ounce, down 1.12% on the session.
