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Gold Down Slightly After April Philadelphia Fed Manufacturing Index Rises To 23.2

Kitco News

Editor's Note: Updating earlier story with more details from report.

(Kitco News) - Gold remained slightly softer Thursday after news that the current general activity index in the Philadelphia Fed’s manufacturing business outlook survey rose to 23.2 in April from 22.3 in March.

Consensus expectations compiled by various news organizations were for a reading of somewhere around 20.

As of 8:41 a.m. EDT, Comex June gold was trading down by $3 for the day to $1,350.50 an ounce. Two minutes ahead of reports on the Philadelphia Fed survey and jobless claims, the metal was at $1,349.70.

The index for new orders fell from 35.7 in March to 18.4 in April, while the shipments index fell from 32.4 to 23.9.

However, the inflation and employment gauges rose. The index for prices paid increased from 42.6 to 56.4, while the prices-received reading climbed from 20.7 to 29.8. The index for number of employees climbed from 25.6 to 27.1, while the index for average employee work week increased from 12.8 to 21.6.

Disclaimer: The views 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 accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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