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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.

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