Gold nears session lows after U.S. durable goods rise 0.8% in March
The gold market is trading just off session lows near $4,550 per ounce 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 0.8% in March, following February’s unrevised decrease of -1.4%. The data was better than expected, as the consensus view of economists called for an increase of 0.5%.
Core durable goods, which strip out the volatile transportation sector, rose 0.9% in March, above the consensus forecast for a 0.4% reading and February’s revised core print of 1.2%.
Meanwhile, non-defense capital goods orders excluding aircraft manufacturing posted a 3.3% print in March, far better than the expectation for a 0.5% increase and February’s revised 1.6% print.
Spot gold continued to trade near session lows following the 8:30 am EDT release, and last traded at $4,555.82 per ounce for a loss of 0.89% on the session.
