Gold price ignores 2.5% rise in U.S. durable goods orders

Welcome to Kitco News’ 2022 outlook series. The new year will be filled with uncertainty as the Federal Reserve looks to pivot and tighten its monetary policies. At the same time, the inflation threat continues to grow, which means real rates will remain in low to negative territory. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2022.

(Kitco News)Gold prices are holding on to gains ahead of the Christmas holiday as the U.S. manufacturing sector saw healthy growth last month.

Thursday, the Commerce Department said that U.S. durable-goods orders increased by 2.5% last month. The data was better than expected; consensus expectations compiled by various news organizations called for durables to increase 1.9%.

Excluding transportation, new orders increase 0.8% the government said. Core durable goods orders were much better than expected as economists were calling for a increase of 0.6%.

The gold market has seen little reaction to the mixed economic data as it hold on to steady gains. February gold futures last traded at $1,810.70 an ounce, up 0.47% on the day.

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