Gold prices drop as U.S. durable goods decline in July

Gold prices continued to decline as U.S. durable goods orders dropped 5.2% in July, the first month of decline after four months of positive gains. The decrease was driven by a 14.3% drop in transportation equipment. Core durable goods, excluding transportation, were up 0.5% in July. Economists closely monitor durable goods data for insights into the direction of the economy. Spot gold was trading at $1912.35 after the release, down from above $1922 earlier in the morning.