The gold market is experiencing a pullback following the release of stronger-than-anticipated economic data regarding durable goods sales for August.
On Thursday, the U.S. Commerce Department reported that durable goods orders were flat at 0.0% for August, a significant revision from July’s increase of 9.8%. This outcome exceeded economists’ forecasts, which had predicted a decline of 2.6%.
When excluding the volatile transportation sector, core durable goods orders increased by 0.5% in August, surpassing expectations for a modest 0.1% gain. Additionally, the core figure for July was revised to a decrease of 0.1%.
Orders for non-defense capital goods, excluding aircraft manufacturing, also saw a rise, climbing 0.2% in August, which was above the forecast for no change and an improvement from July’s -0.2% figure.
The gold market reacted to this better-than-expected economic data, which was released concurrently with the final reading of the U.S. Q2 GDP and weekly jobless claims. As a result, spot gold last traded at $2,670.81 per ounce, marking a 0.52% increase during the session.
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