(Kitco News) - The gold market is rising from session lows below $4,400 per ounce after the latest economic data showed sales of durable goods last month beat expectations.
The Commerce Department announced Thursday that U.S. durable goods orders rose 7.9% in April, following March’s revised increase of 1.3%. The data was far higher than expected, as the consensus view of economists called for an increase of 3.5%.
Core durable goods, which strip out the volatile transportation sector, rose 1.1% in April, above the consensus forecast for a 0.5% reading and March’s revised core print of 1.1%.
Meanwhile, non-defense capital goods orders excluding aircraft manufacturing posted a -1.1% print in April, lower than the expectation for a 0.4% increase and March’s revised 3.9% print.
Spot gold continued to trade not far from session lows following the 8:30 am EDT release, and last traded at $4,399.05 per ounce for a loss of 1.28% on the session.
