(Kitco News) – The gold market is trading back above $3,340 per ounce after the latest economic data showed that sales of durable goods came in well above expectations in March.
The Commerce Department announced Thursday that U.S. durable goods orders rose 9.2% last month, following February’s unrevised increase of 0.9%. The data was far better than expected, as the consensus view of economists called for a 2.0% increase.
Core durable goods, which strip out the volatile transportation sector, came in at 0.0% in March, below the consensus forecast for a 0.3% increase, and also below February’s core print of 0.7%.
Meanwhile, non-defense capital goods orders excluding aircraft manufacturing rose 0.1% in March, lower than the expectation for a 0.2% increase but above February’s -0.3% print.
Spot gold rose following the 8:30 am EDT release, and last traded at $3,340.83 per ounce for a gain of 1.60% on the session.
