Gold Near $4,000/oz as Durable Goods Drop 4.5% and Jobless Claims Fall
AAAU•U.S. durable goods orders fell 4.5% in May while weekly jobless claims dipped to 215,000, keeping spot gold hovering near $4,000 per ounce. Year-to-date, gold has lost almost 8% and silver has plummeted over 20%, with technical support for gold seen around $3,987.
1. Impact of U.S. Economic Data
New Commerce Department figures show U.S. durable goods orders plunged 4.5% in May following a 7.9% increase in April, while weekly jobless claims fell to 215,000. These indicators highlight uneven manufacturing demand and a still-tight labor market, factors that are constraining gold’s appeal as an inflation hedge.
2. Recent Price Movements
Spot gold has oscillated around the $4,000 per ounce mark, briefly dipping below before rebounding on mixed economic signals. Silver has underperformed more sharply, trading below $60 and down over 20% year-to-date, reflecting weaker industrial demand.
3. Technical Support and Outlook
Technical analysts note gold’s immediate support around $3,987, with bearish short-term structure despite strong central bank buying. Longer-term outlook remains constructive if inflation pressures reemerge, but continued economic resilience could cap further gains.
