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Gold market ignores rise in New York Fed Empire State Survey

Kitco News

(Kitco News) -Gold prices pushing into positive territory despite renewed optimism in the New York region’s manufacturing sector, according to the latest data from the New York Federal Reserve.

The regional central bank said Wednesday that its Empire State manufacturing survey’s general business conditions index rose to a reading of 4.8 in January, up from December’s reading of 3.5. The report solidly beat expectations as consensus forecasts were calling for a rise to 3.7.

According to reports, this is the survey’s highest reading since August 2019.

The positive economic data is having little impact on gold prices, which has pushed off session lows, reacting to weaker than expected inflation data from U.S. Labor Department. February gold futures last traded at $1,553 an ounce, up 0.54% on the day.

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