Gold sees little movement following rise in U.S. durable goods numbers

Kitco News has launched its 2021 Outlook, which offers the most comprehensive coverage of precious metals markets in the new year. Trillions of dollars were pumped into financial markets in 2020 and that won’t come without consequences. Economists expect that investors will be Bracing For Inflation in 2021.

(Kitco News) - The U.S. manufacturing sector is showing some resilient strength in November following stronger than expected durable goods numbers.

Wednesday, the Commerce Department said that U.S. durable-goods orders rose by 0.9% in November, up from October’s 1.8% rise. The data were much better than expected; consensus expectations compiled by various news organizations called for durables to rise by 0.6%.

Excluding transportation, core new orders rose relatively in line with expectations, rising 0.4% last month the government said.

The gold market is not seeing much reaction to the latest manufacturing numbers. February gold futures last traded at $1,873.90 an ounce, up 0.19% on the day.

“This is a much stronger report than it first appears. There are sizeable upward revisions to the October numbers and that bodes well for the economy in early 2021,” said Adam Button, chief market strategist at Forexlive.com.