Gold Closes At New Contract High

In today’s economic news,
Durable Goods Orders jumped 6.1%

much more than economists expected and raising concerns the Fed will have to
continue raising rates. For the second consecutive day, a surprisingly strong
report on housing was released as New Home Sales rose 13.8% in March (report).

Later this afternoon the Fed released its Beige Book (report).
The Fed said economic activity continued to expand in March and the first half
of April.

Today’s reports helped push Treasuries lower and yields higher. The yield on the
10yr t-note hit its highest level since June 2002 and the yield on the 2yr
t-note neared 5%, closing at 4.989%.

The US Dollar Index closed slightly lower, weighed down by the Dollar’s losses
against the AUD.

Crude Oil futures fall for third
consecutive day

June Crude Oil futures declined despite the EIA
reporting that Crude Oil Inventories declined by 200,000 barrels in the most
recent week. Gasoline Inventories fell 1.9 Mln barrels


Gold futures close at new
contract high

June Gold futures set a new closing high today, ending the
session at $642.

Copper closed at a new record high for the fourth consecutive day.

In the softs, Lumber closed limit-up.

Economic News

Durable Goods Orders Up
6.1% (report)

New Home Sales Up 13.8% For March To Rate Of 1.213 Mln. Units (report)

Fed’s Beige Book Released (report)

EIA: Crude Oil Inventories Down 200,000 Barrels; Gasoline Inventories Down 1.9
Mln. Barrels (report)

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Ashton Dorkins

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