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