(Kitco News) - The gold market is trading near session highs after the latest economic data showed sales of durable goods for July declined more than expected.
The Commerce Department announced Tuesday that U.S. durable goods orders fell -2.8% last month, following June’s unrevised decrease of -9.3%. The data was better than expected, as the consensus view of economists called for a decrease of -4.0.
Core durable goods, which strip out the volatile transportation sector, rose 1.1% in July, above the consensus forecast for a 0.2% reading, and also above June’s core print of 0.2%.
Meanwhile, non-defense capital goods orders excluding aircraft manufacturing rose 1.1% in July, better than the expectation for a 0.2% increase and above June’s -0.7% print.
Spot gold rose slightly following the 8:30 am EDT release, and last traded at $3,377.42 per ounce for a gain of 0.34% on the session.
