Precious Metals Preview: Gold Near Five Week Low

COMEX Gold futures slipped to a five week low yesterday on strength in US stocks and sound economic data. DOW jumped 1% on strong quarterly results from some of the biggest US companies and Gold stayed slippery, falling under $ 1320 levels. The metal currently trades flat around $ 1317 per ounce. MCX Gold futures dropped 0.57% to close at Rs 31226 per 10 grams as recent slide continued. Following a jump in orders for transportation equipment, the Commerce Department released a report on Thursday showing a bigger than expected increase in new orders for U.S. manufactured durable goods in the month of March. The Commerce Department said durable goods orders surged up by 2.6% in March after spiking by an upwardly revised 3.5% in February. The increase in durable goods orders came as orders for transportation equipment shot up by 7.6% in March following an 8.9% jump in February. First-time claims for US unemployment benefits fell to their lowest level in nearly five decades in the week ended April 21st, according to a report released by the Labor Department on Thursday. The report said initial jobless claims dropped to 209,000.