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Gold price hits 5-week lows despite a weaker U.S. dollar and the Greek debt crisis. The greenback traded lower after the U.S. durable goods orders. The U.S. durable goods orders jumped 4.0% in March, exceeding expectations for a 0.7% increase, after a 1.4% decline in February. The increase was driven by higher orders for defence aircraft and parts.
The U.S. durable goods orders excluding transportation declined 0.2% in March, missing expectations for a 0.2% gain, after a 1.3% decrease in February. The decline was driven by lower orders for machinery and electrical equipment, appliances, and components.
Gold price also failed to benefit from the Greek debt crisis. Today's Eurogroup meeting ended without any results as widely expected. Discussions between the Greek government and its creditors will continue at the next Eurogroup meeting on May 11.
The head of the Eurogroup Jeroen Dijsselbloem said today that Greece has to deliver a complete economic reform plan to get a new tranche of loans (€7.2 billion).
June futures for gold on the COMEX today dropped to 1176.90 dollars per ounce.