Gold prices remain under pressure falling slightly but still holding critical support above $1,450 an ounce as momentum in the U.S. manufacturing sector rose significantly last month.
Wednesday, a U.S. Commerce Department report showed U.S. durable-goods orders increased by 0.6% in October, up from September’s revised 1.4% drop. The headline data was better than expected as economists were expecting a drop of 0.5%.
Stripping out the volatile transportation sector, core durable goods orders increased 0.6% last month. Economists were expecting to see an increase of 0.2%.
The gold market is seeing some modest selling pressure following the better-than-expected manufacturing data. February gold futures last traded at $1,461.12 an ounce, down 0.42% on the day.
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