Gold Prices Ignore Strong Rise In Philly Fed Survey Data
(Kitco News)- Thegold market is holding on to modest gains, just down from session highsfollowing data that shows strong momentum in the manufacturing sector withinthe Philadelphia region.
Thursday,the Philadelphia Federal Reserve reported that the after news that the current general activityindex in its manufacturing business outlook survey rose to 22.9 in September,up from 11.9 in August.
Consensusexpectations compiled by various news organizations were for a reading ofsomewhere around 17.9.
"The survey's broad indicators for general activity, new orders, shipments, and employment remained positive and increased from their readings in August. The survey's respondents reported diminished price pressures this month," the report said.
Economicdata is having little impact on gold prices as the market continues to bedominated by investments flows in the U.S. dollar. A weaker U.S. dollar isproviding some support for the yellow metal, which saw little reaction to thePhilly Fed data.
Decembergold futures last traded at $1,211.20 an ounce, up 0.24% on the day.
The components of the index showed broad-based strengthwithin the manufacturing sector. The report said that new orders increased to areading of 21.4, up from August's reading of 9.9.
At the same time shipments increased in September to 19.6,up from the previous level of 16.6.
The labor market also saw strong growth with the number ofemployees index increasing to 32.1, up from August's level of 14.3.
By Neils ChristensenFor Kitco News
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