Gold price at daily highs as U.S. durable goods disappoint in June

(Kitco News) Gold was trading at daily highs after the newly released data showed that orders for long-lasting U.S. factory goods were up 0.8%% in June versus the expected advance of 2.1%. 

Meanwhile, May’s data was upwardly revised to an increase of 3.2% from 2.3%.

Following the release, gold prices were holding steady at daily highs amid a weaker U.S. dollar. August Comex gold futures last at $1,805.00, up 0.32% on the day.

The monthly increase in durable goods orders equaled $2.1 billion and was largely led by transportation-related items. 

The core durable goods section, which excludes the volatile transportation sector, also disappointed, rising 0.3% in June versus the expected increase of 0.8%. Excluding defense, new orders advanced 1%.

The government’s durables report covers items with an expected life of at least three years, such as kitchen appliances, computers, furniture, autos and airplanes.

Even though spending on durable goods represents a small part of American economic output, economists carefully watch for any changes as a sign of where the economy might be heading.