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Gold price hovering around $1,900 following mixed Philly Fed, New York Fed manufacturing data

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(Kitco News) - The U.S. economy continues to feels the effects of the ongoing crisis created by the COVID-19 with regional manufacturing data showing mixed results in October, according to report from two regional U.S. central banks.

Thursday, the Philadelphia Federal Reserve said its manufacturing business outlook rose to a reading of 32.3 in October, a significant jump from September’s reading of 15.0. The data beat expectations as consensus forecasts were calling for a reading around 14.0.

Meanwhile, the New York Federal Reserve reported a drop to 10.5, down from September’s reading of 17.0.

The data was weaker than expected as economists were expecting to see a reading around 13.9.

The latest economic data is not having much impact on gold prices as the market continues to struggle around $1,900 an ounce. December gold futures last traded at $1,899.10 an ounce, down 0.43% on the day.

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