U.S. durable goods up 4.7% in June to beat expectations again, gold sells off

The monthly increase in durable goods orders was $13.6 billion and was largely driven by a 12.1% increase in transportation equipment, which was also up for the fourth consecutive month, the U.S. Census Bureau said in the report.

The core durable goods section, which excludes the volatile transportation sector, was up 0.6% in June versus the expected nominal rise of 0.1%. Excluding defense, new orders rose 6.2%. 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. Economists carefully watch the data for signs of where the economy might be heading.

Gold declined sharply following the release, with August Comex gold futures setting session lows at $1958.30 at the time of writing after trading above $1982 in the early morning.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Kitco daily macro-economic/business digest - July 25
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Kitco daily macro-economic/business digest - July 26
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Ottawa police seek person of interest following Clarence Street shooting in JuneOttawa police are asking for the public's help in identifying an individual described as a 'person of interest' in a shooting investigation in the ByWard Market. ottnews
Source: ctvottawa - 🏆 29. / 67 Read more »

Gold prices holding on to gains as U.S. new home sales drops 2.5% in June(Kitco News) - The gold market, while off its recent highs, continues to hold support well above $1,950 an ounce as the U.S. housing market continues to struggle as fewer consumers than expected are buying new homes.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »