Gold Prices Decline $15 to Hit Session Lows After Upbeat U.S. Data

Gold Prices Decline $15 to Hit Session Lows After Upbeat U.S. Data

Prices in COMEX gold futures slipped to the lowest levels of the session on the Wednesday, after data showed US durable goods orders to unexpectedly rise in July, increasing optimism about the economic health and support the case for a boost in interest rates in the United States this year.

On the Comex Gold futures for December delivery in New York slumped $14.20, or 1.25%, to trade at $1,124.10 a troy ounce.

Meanwhile, gold prices retreated as much as 0.5% to $1,134.75 an ounce in Singapore.

The United States Department of Commerce stated that the total durable goods orders too, that include shuttle items, rose 2.0% last month, compared with expectations for a decline of 0.4%. The durable goods orders to in June were audited to a 4.1% gain from a previously reported 3.4% increase.

Durable goods are usually bulky or heavy meant to last three years, as trains, planes and automobiles.

The core durable goods ordering, except for volatile shuttle items, rose 0.6%, beating forecasts of a 0.4% rise. Core orders for durable goods went up by an upwardly revised 1.0% in June.

Orders for core capital goods, a key gauge of company investment from the private sector rising 2.2% last month, above expectations for an increase of 0.4%.

Consignments of core capital goods, a category used to calculate quarterly economic growth, tacked on 0.6%, beating forecasts for a 0.4% increase.

The optimistic data must be strengthened expectations of a hike in interest rates by the Federal Reserve early next month. The time to a rate rise by the Fed has been a constant source of debate in the markets in recent months.

On similar lines, amid a weakening global trend, gold futures fell Rs 64 to Rs 26,674 per 10 gm at the Multi Commodity Exchange for delivery in October contracts.

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