Gold prices trying to hold on as U.S. manufacturing sector sees steady activity
(Kitco News) - Gold prices are trying to hold on to modest gains following therelease of economic data that shows momentum within the U.S. manufacturingsector is holding steady.
Fridaythe Commerce Department said that U.S. durable-goods orders declined by 0.4% inSeptember, following August’s revised increase of 1.3%. The data was betterthan expected; consensus expectations compiled by various news organizationscalled for orders to decline 1.1%.
Thisis the first decline in headline orders in four months.
Excludingtransportation, new orders rose by 0.4% the government said, in line withexpectations.
However, according, to some economists the latest data doeslittle to relieve growing stagflation fears as the nation faces slowing economicactivity and rising inflation.
“In terms of the overallheadline, downward revisions to August data eliminate most of the beat. Deeperin the report, unfilled orders rose 0.7% and have risen in eight consecutivemonths,” said Adam Button, chief currency strategist at forexlive.com.
Thegold market has seen little reaction to the mixed economic data. December goldfutures last traded at $1,794.20 an ounce, relatively unchanged on the day.
By Neils ChristensenFor Kitco News
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