Gold Holds Ground Near $4,300 Amid US Durable Goods Data

Gold prices hovered near $4,300 per ounce as the US durable goods orders report showed little change in August. The Commerce Department reported that durable goods orders were flat in August, with a revised gain of 0.9% in July.

The core durable goods orders, excluding transportation, increased 0.3% in August, following a 0.4% rise in July. This figure was above consensus estimates, which had projected a 0.4% gain.

Adam Button, head of currency strategy at investingLive, noted that the core orders carry more weight for the underlying direction of the economy, describing the number as strong and supportive of a bullish economic view.

The gold market showed little reaction to the data, with spot gold last trading at $4,298.70 an ounce, up 0.60% on the day.