Gold Down Slightly After April Philadelphia Fed Manufacturing Index Rises To 23.2
Editor's Note: Updating earlier story with more details from report.
(Kitco News) - Gold remained slightly softer Thursday after news that the currentgeneral activity index in the Philadelphia Fed's manufacturing business outlooksurvey rose to 23.2 in April from 22.3 in March.
Consensus expectations compiled by various newsorganizations were for a reading of somewhere around 20.
As of 8:41 a.m. EDT, Comex June gold was trading down by $3 for the day to $1,350.50 an ounce.Two minutes ahead of reports on the Philadelphia Fed survey and jobless claims,the metal was at $1,349.70.
The indexfor new orders fell from 35.7 in March to 18.4 in April, while the shipmentsindex fell from 32.4 to 23.9.
However, theinflation and employment gauges rose. The index for prices paid increased from42.6 to 56.4, while the prices-received reading climbed from 20.7 to 29.8. Theindex for number of employees climbed from 25.6 to 27.1, while the index foraverage employee work week increased from 12.8 to 21.6.
By Allen SykoraFor Kitco News
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