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Gold prices holding gains as Philly Fed Survey rises to 23.3

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(Kitco News) - Gold price are holding on to solid gains even as momentum in manufacturing picks up, according to the latest data from the Philadelphia Federal Reserve.

The regional central bank said that its manufacturing business outlook rose to a reading of 23.2 in January, up from December’s reading of 15.4. The data was stronger than expected as economists’ forecasts were calling for an increase to around 18.9.

The gold market continues to see solid gains following its breakout on Wednesday as prices rallied $30. Spot gold prices last traded at $1,845.70 an ounce, up 0.29% on the day.

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