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Gold Eases As Philadelphia Fed Survey Index Rises To 16.6 In May

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

(Kitco News) - Gold fell Thursday after the Philadelphia Federal Reserve reported that the current general activity index for a survey of manufacturers in the Philadelphia area rose to 16.6 in May from 8.5 in April.

The consensus expectations compiled by various news organizations were for a  reading of somewhere around 10.1 to 11.

As of 8:43 a.m. EDT, spot gold was down $6.60 to $1,289.50 an ounce. A minute before this report and others on U.S. jobless claims and housing starts, the metal was at $1,294.10.

The shipments index jumped to 27.6 in May from 18.4 in April, although the reading for new orders slid to 11.0 from 15.7.

The inflation and employment components of the report were mixed. The index for prices received ticked up to 23.1 from 21.6, but the reading for prices received fell to 17.5 from 20.0. Meanwhile, the index for number of employees rose to 18.2 from 14.7, but the one for average employee workweek dipped modestly to 10.9 from 11.2.

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