By Mark Decambre
Gold futures turned higher Wednesday after a report on factory orders came out weaker than expected, bolstering appetite for haven gold.
Orders for durable, or long-lasting, goods tumbled 4% in June, following a drop in the previous month and marking the biggest monthly decline in almost two years as U.S. manufacturers struggle to drum up sales.
Economists polled by MarketWatch had expected a seasonally adjusted 1.7% decline.
August gold GCQ6, +0.48% was trading higher, up $6.40, or 0.5%, at $1,327.20 an ounce.
Silver futures for September delivery SIU6, +2.09% gained 39.7 cents, or 2%, to $20.08 an ounce.
Among exchange-traded funds, the iShares Silver Trust SLV, +1.88% was up 1.9% and the SPDR Gold Trust ETF GLD, +0.50% was up 0.5%.
Both gold and silver finished higher Tuesday, but were trading lower Wednesday, before the durable-goods order report was released.
The weak economic data can be seen as providing the Federal Reserve less cause to lift interest rates from ultralow levels, which can make metals, which don’t offer a yield, more attractive to investors.