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

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( 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 […]

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