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(Kitco News) – Gold prices maintained strong gains on Monday, but saw little movement after the New York Federal Reserve said activity in the New York sector fell significantly in August.
The New York Federal Reserve said the general business circumstance index of the Empire State production survey dropped to a reading of 3.7 in August, down from the reading of July 17.2. The data were weaker than expected with consensus forecasts requesting a reading at 14.6.
The gold market has been on a rollercoaster ride with prices trying to recover from last week’s drop nearly $ 100 after hitting significantly above $ 2,000 an ounce. December gold futures traded last at $ 1,967.30 an ounce, up 0.9% on the day.
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