The Gold Market Stays Above $3,000 Despite Positive Manufacturing Data

The gold market remains steady, consolidating above the $3,000 mark, even as U.S. durable goods orders exceeded expectations with a 0.9% rise. This increase follows a revised surge of 3.3% in January, contradicting predictions of a 1.1% decrease. Core durable goods excluding transportation also grew by 0.7%, outperforming the anticipated 0.2% rise. Despite this positive economic data, spot gold maintains its position at $3,026.60 per ounce. Some economists view these figures as alleviating recession concerns, yet a mixed manufacturing sector outlook persists. The S&P Global Manufacturing PMI fell into contraction at 49.8. Additionally, potential impacts of import tariffs under former President Trump could influence economic activity. While gold has benefited from safe-haven demand, a potential recession poses a risk. Kitco NEWS emphasizes their objective reporting across various markets to empower informed decisions. Meanwhile, the USD remains solid post-durable goods data, supported by tariff announcements, but affected by geopolitical talks involving Russia and Ukraine and Fed official comments. Despite resilience in manufacturing, market complexities and tariff impacts hint at global uncertainties. The gold market remains strategically positioned as investors navigate market dynamics.