Make Kitco Your Homepage

Gold prices remain under pressure following stronger-than-expected Philly Fed manufacturing survey

Kitco News

(Kitco News) - Gold prices are down on the day but seeing little reaction to stronger-than-expected regional manufacturing data.

Thursday, the Philadelphia Federal Reserve said its manufacturing business outlook survey fell to a reading of 12 in September, down from August’s reading of 16.8. However, the data significantly beat expectations as consensus forecast expected a reading around 10.9.

Gold prices were under pressure ahead of the report and remain relatively unchanged in initial reaction. Despite the selling pressure, the yellow metal is holding critical support above $1,500 an ounce. December gold futures last traded at $1,506.90 an ounce, down 0.59% on the day.

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.