Gold Prices Reach Session Highs as Durable Goods Orders Hit 15-Month Low
Orders to US factories for manufactured goods designed to last three years or more underwent the biggest slump in 15 months, dropping $11.7 billion in value to a total of $248.5 billion.
Bank of England Backs Theresa May's Brexit Deal Draft
Bank of England Governor Michael Carney backed Theresa May’s drafted Brexit deal this morning when addressing the UK Parliament, stating that the deal would support economic outcomes and increase certainty levels for business.
Housing Starts Increased 1.5% in October, Dropped 2.6% Annually
The rate of new homes being constructed increased in October as builders broke ground on residential properties, but annually housing starts are in decline. The housing market is often seen as a preliminary indicator for the entire economy, leading to concerns that the current expansion is not sustainable and we are seeing the beginning of an economic downturn.
Modest 0.1% Growth in US Industrial Production
Industrial production rose by 0.1% in October according to the Federal Reserve. While industrial production is not typically volatile, it speaks to the overall stability of the US economy and consequently the strength of the greenback which typically has an inverse relationship with the price of gold.
US Creates Increased Crude Oil Market Supply, Prices Drop
The price of oil dropped over the last two weeks following unusually high prices in the weeks prior, which likely contributed to increased retail sales in the US.
US Retail Sales Surge After Months of Decline
US Retail Sales have made a comeback after consistent decline since 2015, with the auto industry and related industries like gas being the main consumer focus.
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