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Gold Remains Soft After Rise In Empire State Manufacturing Index

Kitco News

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

(Kitco News) - Gold remained on the defensive after the Empire State manufacturing survey’s general business conditions index rose to 25.6 in August from 22.6 in July, according to a New York Federal Reserve report Wednesday.

Consensus expectations compiled by various news organizations had been for a reading of around 20. The report was released at the same time as a stronger-than-forecast rise in U.S. retail sales.

As of 8:32 a.m. EDT, Comex December gold was down $7.60 for the day to $1,193.20 an ounce after coming into the New York session with a weaker tone. One minute ahead of the economic data, the contract was at $1,194.20.

The index for new orders eased to 17.1 in August from 18.2, but the shipments index jumped to 25.7 from 14.6.

The inflation readings were mixed. The index for prices paid rose to 45.2 from 42.7, but the index for prices received fell to 20.0 from 22.2

Likewise, the employment indexes were mixed. The one for number of employees fell to 13.1 from 17.2, but the index for average employee work week climbed to 8.9 from 5.6.

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