(Kitco News) - The gold market continues to consolidate in a narrow range above $3,000, paying little attention to better-than-expected manufacturing data following a rise in U.S. durable goods orders.
The Commerce Department announced Thursday that U.S. durable goods orders rose 0.9% last month, following January’s revised increase of 3.3%. The data was far better than expected, as the consensus view of economists called for a 1.1% decline.
Core durable goods, which strip out the volatile transportation sector, also rose more than expected, increasing by 0.7%. Economists had anticipated a 0.2% increase.
The gold market is not paying much attention to the latest economic data as it continues to consolidate. Spot gold last traded at $3,026.60 an ounce, up 0.23% on the day.
According to some economists, the latest economic data will help to relieve some fears that the U.S. economy is headed toward a recession. So far, economic data has provided a mixed picture of the health of the U.S. manufacturing sector.
On Monday, S&P Global reported that its Manufacturing Purchasing Managers Index dropped into contraction territory, falling to 49.8.
Although the U.S. economy has remained fairly resilient, economists have warned that economic uncertainty surrounding President Donald Trump’s import tariffs could continue to weigh on activity.
While gold has been well-supported due to solid safe-haven demand, analysts have warned that a recession could create a challenging environment for the precious metal.
