Gold prices are down 2% to $US1,266.50 per ounce, and were at their lowest level since February 10. This comes after some positive economic data out of the U.S. on Tuesday morning.
- Durable goods orders unexpectedly climbed 0.8% month-over-month, beating expectations for a 0.8% fall. They were up 7.1% on the year.
- Case-Shiller home prices slowed but beat expectations, rising 1.24% mum and 12.37% YoY.
- Consumer confidence climbed in line with expectations to 83.0 in May.
- Markit’s flash U.S. services PMI climbed to 58.4 and private services output climbed to a 26-month high.
Other commodities are also falling. Silver is down 1.8%. Agricultural commodities are taking a beating with corn down 1.6% and wheat down 1.4%.
Meanwhile, the S&P 500 hit a new all-time intraday high of 1,911.08.
Here’s a look at the gold sell-off:
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