Gold Gains as U.S. Durable Goods Data Underscore Growth Concerns
- Japan central bank may spend $265 billion to boost economy
- Copper futures extend losses on durable goods, drop in oil
Goldman's Currie: Base Case for Gold Is $1,300
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Gold gained for a second straight day after U.S. durable-goods orders dropped, adding to speculation that Federal Reserve policy makers will be slow to raise interest rates. Copper futures posted the biggest loss in a month.
Bookings for goods meant to last at least three years slid 4 percent in June, a bigger fall than forecast and the most since August 2014. Gold settled just as the Fed concluded a two-day meeting, where policy makers left interest rates unchanged while saying risks to the U.S. economy have subsided.