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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.
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