(Kitco News) - The gold market continues to consolidate near and is struggling to find solid bullish traction as the U.S. manufacturing sector remains fairly resilient as orders for durable goods increased more than expected.
U.S. durable goods orders dropped 0.8% last month, following August’s revised increase of 0.8%, the Commerce Department reported Friday. Although there was a contraction in headline orders, the data beat expectations. According to consensus estimates, economists were forecasting a drop of 1.1%.
Looking beyond the volatile headline number, core durable goods, which strips out the volatile transportation increased 0.4% in September. The core data was also stronger than expected as economists were looking for a 0.1% decline.
The gold market continues to consolidate near its recent all-time highs and is not seeing any major momentum in either direction. December gold futures last traded at $2,740.60 an ounce, down 0.30% on the day.
