(Kitco News) - The gold market is trading near session lows after the latest economic data showed sales of durable goods last month beat expectations.
The Commerce Department announced Wednesday that U.S. durable goods orders rose 1.1% in July, following June’s unrevised increase of 0.3%. The data was above expectations, as the consensus view of economists called for an increase of 0.5%.
Core durable goods, which strip out the volatile transportation sector, rose 0.4% in July, below the consensus forecast for a 0.6% reading, while June’s core print was revised up to 1.1%.
Meanwhile, non-defense capital goods orders excluding aircraft manufacturing posted a 0.2% print in July, below the expectation for a 0.9% increase and June’s upwardly revised 1.7% print.
Spot gold fell to a session low of $4,612 in the moments following the 8:30 am ET data, and last traded at $4,620.38 per ounce for a loss of 0.83% on the session.
