Gold clings to $4,000/oz after U.S. durable goods drop -4.5% in May

The gold market is hovering around $4,000 per ounce after the latest economic data showed sales of durable goods last month met expectations.

The Commerce Department announced Thursday that U.S. durable goods orders fell -4.5% in May, following April’s unrevised increase of 7.9%. The data was in line with expectations, as the consensus view of economists called for an decrease of -4.5%.

Core durable goods, which strip out the volatile transportation sector, rose 1.3% in May, above the consensus forecast for a 0.6% reading, while April’s core print was revised up to 1.4%.

Meanwhile, non-defense capital goods orders excluding aircraft manufacturing posted a 1.6% print in May, better than the expectation for a 0.6% increase and April’s downwardly revised -0.7% print.

Spot gold continued to fluctuate around the $4,000 level following the 8:30 am ET data, and last traded at $4,001.70 per ounce for a gain of 0.06% on the session.