Gold Extends Gains Amid U.S. Durables Goods Data; Lower Demand Of Dhanteras

Gold Extends Gains Amid U.S. Durables Goods Data; Lower Demand Of Dhanteras

Prices of US gold futures extended their gains overnight on Thursday after data showed that orders for capital goods manufactured in the United States declined unexpectedly in September. In addition to the auspicious Dhanteras as buyers put off buying activity amid a weak trend overseas.

Gold for December delivery on the Comex Exchange tacked on $6.55, or 0.52%, to $1,273.15 a troy ounce.

Globally, spot gold fell 0.50 per cent to $1,266.70 an ounce.

Total orders for durable goods, featuring transportation items, fell 0.1% last month, the Commerce Department said, compared with economists’ expectations of a gain of 0.1%.

Orders for core durable goods, excluding volatile transportation items, rose 0.2% last month, in line with expectations.

Consumer durables excluding defense and aircraft fell 1.2% in September, compared to expectations of a rise of 0.3%.

Another report released simultaneously showed that the number of people who filed for unemployment assistance in the US last week fell by less than expected, but remained on the ground associated with a healthy job market.

Bullion traders said besides the tendency muted abroad, the absence of buying by jewelers and retailers on the eve of Dhanteras, which considered auspicious to seize gold, directed primarily to the modest decline in prices of precious metals.

In Delhi gold of 99.9 per cent and 99.5 per cent purity fell by Rs 15 each at Rs 30,700 and Rs 30,550 per 10 grams, respectively.

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