Gold Rises After Weaker US Durable Goods



Gold prices have erased early losses and are trading modestly higher and at the daily high, in the wake of a weaker-than-expected U.S. durable goods orders report. The downbeat data falls into the camp of the U.S. monetary policy doves, who do not want the Federal Reserve to raise interest rates any time soon. The weak durables report also put more selling pressure on the U.S. dollar index, as it trades near its daily low in mid-morning dealings. The recent weaker greenback has been a bullish underlying factor for the precious metals and for the raw commodity sector. Once again, the gold market bulls are proving to be a very resilient lot. June gold was last up $5.60 an ounce at $1,246.00.

via Kitco

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, he established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza