Gold Price Hits Highest Since June

New York (Aug 26)  Dec. Futures gold gained USD5.90, or 0.5%, to settle at USD1,297.90/oz, the highest since June.

After reporting a sharp jump in new orders for US manufactured durable goods in the previous month, the Commerce Department released a report on Friday showing a sharp pullback in durable goods orders in the month of July.

The Commerce Department said durable goods orders plunged by 6.8% in July after surging up by 6.4% in June. Economists had expected durable goods orders to slump by 6.0%.

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