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(Kitco News) – Gold prices remain under pressure but are low from their session, after the Philadelphia Federal Reserve reported lower-than-expected sentiment in its regional manufacturing sector.
On Thursday, the Federal Reserve of Philadelphia said its outlook for the manufacturing industry fell to a reading of 17.2 in August, down from July 24th. The data lacked expectations, as consensus forecasts for a lecture asked for around 21.
“The indicators for current activity, new orders, shipments and employment remained positive, although all declined from their readings in July,” the report said.
Despite the disappointing economic data, gold does not see any significant movement in the initial reaction. December gold futures last traded at $ 1,950 per ounce, about 1% on the day.
Looking at some of the components of the report, the survey said the index of new orders fell after a reading of 19, down from the July reading of 23; meanwhile, the stock index dropped to 9.4, down from the previous reading of 15.3.
The report noted a sharp decline in the labor market in the region’s manufacturing sector. The number of employees index dropped after a reading of 9, sharply down from the July level of 20.1.
Inflation presses slightly lower with the index of paid prices to 15.3, down from the previous level of 15.7.
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