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(Kitco News) – The gold market is enjoying modest support as prices continue to rebound from their session lows following weaker-than-expected data from the New York Federal Reserve.
On Monday, the regional central bank said the general business conditions index of its Empire State manufacturing survey fell to 18.3 in August, down significantly from 43 in July.
The gold market rebounded into positive territory following disappointing manufacturing data. December gold futures last traded at $ 1,780.30 an ounce, up 0.12% on the day.
The gold market is enjoying modest support as prices continue to rebound from their session lows following weaker-than-expected data from the New York Federal Reserve.
On Monday, the regional central bank said the general business conditions index of its Empire State manufacturing survey fell to 18.3 in August, down significantly from the 43 reading in July.
The gold market rebounded into positive territory following disappointing manufacturing data. December gold futures last traded at $ 1,780.30 an ounce, up 0.12% on the day.
Analysts noted that the survey’s 25-point drop is the largest since the U.S. economy shut down at the start of the COVID-19 pandemic last year.
“Business activity continued to expand in New York State, according to companies responding to the Empire State Manufacturing Survey from August 2021, although the growth was significantly slower than the record pace of the last month, “the report says. “Just over a third of those polled said conditions improved over the month, while 16% said conditions worsened.”
Looking at the report’s components, the new orders index fell to 14.8, down from the July reading of 33.2. The report also highlighted the weakness of the manufacturing labor market. The index for the number of employees fell to 12.8 from 20.6 in July.
Inflationary pressures also continue to rise, as companies pass the higher costs on to consumers. The report says the Selling Price Index hit a new record high at 46, down from the previous record high at 39.40. The price paid index was relatively stable at 76.1.
Warning: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to trade in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.
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