(Kitco News) – The gold market continues to struggle below $1,700 an ounce as reports from New York Federal Reserve and the Philladephia Federal Reserve show mixed health in the U.S. manufacturing sector.
The two regional central banks release manufacturing survey’s Thursday. The New York Federal Reserve said its Empire State manufacturing survey’s general business conditions index rose to a reading of -1.5 for September, up sharply from August’s drop to -31.3. The data beat expectations as economists were looking for the index show a contraction of -12.7.
Meanwhile the Philly Fed said its manufacturing business outlook fell to -9.9 for September, down sharply from August’s reading of 6.2. The data missed expectations as consensus forecasts called for a drop to around 2.4.
The gold market is not seeing much reaction to the latest manufacturing data as prices have seen solid technical selling in the overnight session, pushing prices below $1,700 an ounce. Spot gold last traded at $1,684.80 an ounce, down 0.72% on the day.
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Read More:Spot gold price remains below $1,700 as Philly Fed, New York Fed release mixed manufacturing data
2022-09-15 12:38:00
