Gold price seeing modest rise off its lows after disappointing data from New York Fed

Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!

( Kitco News ) – The gold market remains under pressure but is slowly creeping higher as disappointing economic news from the New York Federal Reserve works counters growing investor optimism regarding a potential vaccine for the COVID-19 virus.

Monday, the New York Federal Reserve said its Empire State manufacturing survey’s general business conditions index fell to a reading of 6.3 in November, down significantly from October’s reading of 10.5. The data was worse than expected as consensus forecasts were calling for a rise to 13.8. December gold futures last traded at $1,883 an ounce, down 0.17% on the day.

The latest economic data is helping gold prices recover from an early morning selloff after Moderna announced news of […]

Click here to view original web page at www.kitco.com

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.