Gold Prices Plummet as US Durable Goods Orders Exceed Expectations

The US Commerce Department announced that durable goods orders rose by 1.1% in July, exceeding expectations of a 0.5% increase.

This news sent gold prices plummeting to session lows of $4,612 per ounce before rebounding slightly to $4,620.38 for an overall loss of 0.83% on the day.

The core durable goods data, which strips out transportation sector fluctuations, showed a 0.4% increase in July, falling short of forecasters' predictions for a 0.6% rise.