Gold Near 3-Month High After Dismal U.S. Durable Goods Data, Fed Eyes Global Economy

Gold Near 3-Month High After Dismal U.S. Durable Goods Data, Fed Eyes Global Economy

US gold futures extended gains to its highest level since early Nov. on Thursday after the Federal Reserve said it was monitor closely the global economy amid the weakness seen from China to Europe.

In addition to data showed that U.S. durable goods orders fell more than expected in December, while core orders also fell sharply, concerns about the health of the underlying economy.

Gold for February delivery on the Comex rose to a session high of $1,125.70 a troy ounce, the most since Nov 3, before falling back to $1,120.70.

Spot gold was off 0.2 percent at $1,122.46 an ounce, not far below Wednesday’s peak of $1,127.80, the highest since Nov. 3.

The United States Department of Commerce said U.S. durable goods orders, which include transportation items, fell 5.1% last month, compared with expectations of a decline of 0.6%. The core durable goods orders, excluding volatile transportation items, fell 1.2%, disappointing expectations for a 0.1% drop.

Orders for core capital goods, a key investment of the private sector barometer, fell 4.3%, much worse than expectations for a decline of 0.2%, while shipments of core capital goods, a category used to calculate quarterly economic growth, fell 0.2%.

A separate report showed that the number of people who filed for unemployment assistance in the United States dropped more than expected, remaining in territory generally associate with a firming labor market.

After holding interest rates in the United States unchanged as hoped, policymakers in the Fed said the economy was still on track for modest growth and a market of more hard work, even “gradual” rate hikes , suggesting concern about world events had decreased but not crushed sometimes a walk rate in March.

At the Multi Commodity Exchange, gold for delivery in February was trading higher by Rs 42, or 0.16%, to Rs 26,791 per 10 grams as speculators widened positions, tracking a firming trend overseas.

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