US durable goods beat expectations in April, gold prices fell

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(Kitco News) Gold fell after newly released data showed that orders for US durable goods rose 1.1% in April, compared to a 1% decline expected.

Meanwhile, the March figure has been revised upwards to a 3.3% rise.

The monthly increase in durable goods orders was $3.1 billion, led by the transportation equipment sector — an increase for the second straight month, the US Census Bureau said in the report.

Core durable goods, which excludes the volatile transportation sector, slipped 0.2% in April from the flat area expected. Ex-defense orders were down 0.6%.

The Government’s Durable Goods Report includes items with an expected lifespan of at least three years, such as: B. kitchen appliances, computers, furniture, cars and airplanes. Economists are carefully watching the data for changes that show where the economy might be headed.

Following the release, gold prices fell below $1,950 an ounce as positive economic data led to further rate hike bets from the Federal Reserve, which weighed on gold prices. Comex June gold futures last traded at $1,946.90, up 0.16% on the day.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; However, neither Kitco Metals Inc. nor the author can guarantee its accuracy. This article is for informational purposes only. It is not an invitation to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article assume no liability for any loss and/or damage arising from the use of this publication.


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