(Kitco News) - The gold market continues to struggle to attract a consistent safe-haven bid even as the U.S. manufacturing sector rises at a slower pace than expected.
The Commerce Department announced Thursday that U.S. durable goods orders rose 0.3% in June, following May’s revised drop of 4.0%. The data was weaker than expected, as economists' consensus estimates called for an increase of 1.6%.
Core durable goods, which strip out the volatile transportation sector, rose 0.6% last month, also missing consensus forecasts for a 0.9% reading.
The gold market has not seen any significant reaction to the disappointing economic data. Analysts note that weak manufacturing activity should provide some support for the precious metal, because the Federal Reserve will be reluctant to raise interest rates in a slowing economy, even if inflation pressures remain elevated.
Spot gold last traded at $4,087.17, up 0.80% on the day.
