MW: Gold gains after durable-goods data disappoint
By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) -- Gold futures rose Wednesday, propelled by a U.S. government report that showed a weaker-than-expected rise in orders for durable goods.
Gold for December delivery added $8.10, or 0.7%, to $1,241.50 an ounce on the Comex division of the New York Mercantile Exchange. Most metals tracked gold higher, with the exception of copper.
Bullion got a boost from a report that durable-goods orders rose 0.3% in July, largely thanks to demand for transportation equipment. Economists surveyed by MarketWatch were expecting a 2.7% increase. Read more about durable-goods orders.
Copper for September delivery declined 4 cents, or 1.2%, to $3.20 a pound. Copper, which is widely used in construction wiring, has been under pressure after a Tuesday report showed a 27.2% plunge in existing-home sales. That also cast a pall on new-home-sales data due at 10 a.m. Eastern time.
Gold rose 0.4% Tuesday, snapping a two-session losing streak after the housing data pushed investors toward the relative safety of the yellow metal.
