Gold near session highs after U.S. durable goods post -1.4% loss in December

Kitco Media
By Ernest Hoffman
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Gold near session highs after U.S. durable goods post -1.4% loss in December teaser image

(Kitco News) - The gold market is trading near session highs and approaching $5,000 per ounce after the latest economic data showed sales of durable goods for December fell less than expected.

The Commerce Department announced Wednesday that U.S. durable goods orders fell -1.4% in December, following November’s unrevised increase of 5.3%. The data was better than expected, as the consensus view of economists called for a decrease of -2.0%.

Core durable goods, which strip out the volatile transportation sector, rose 0.9% in December, above the consensus forecast for a 0.3% reading and November’s revised core print of 0.4%.

Meanwhile, non-defense capital goods orders excluding aircraft manufacturing rose 0.6% in December, better than the expectation for a 0.4% increase and November’s revised 0.6% print.

Spot gold continued to trade near session highs following the 8:30 am EDT release, and last traded at $4,959.21 per ounce for a gain of 1.67% on the session.

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Kitco Media

Ernest Hoffman

Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations. Ernest began working in market news in 2007, establishing the broadcast division of CEP News in Montreal, Canada, where he developed the fastest web-based audio news service in the world and produced economic news videos in partnership with MSN and the TMX. He has a Bachelor's degree Specialization in Journalism from Concordia University. You can reach Ernest at 1-514-670-1339.

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