Gold price weighed down by resilient strength in Philly Fed Survey

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( Kitco News ) – Better than expected data from the Philadelphia Federal Reserve showing resilient optimisms in the manufacturing sector is helping to keep pressure on gold prices.

Thursday, the regional central bank said its manufacturing business outlook fell to a reading of 26.3 in November, down from October’s reading of 32.2; however, the data significantly beat expectations as consensus forecasts were calling for a reading around 22.

"The survey’s current indicators for general activity, new orders, and shipments remained positive for the sixth consecutive month but fell from their readings in October," the report said. "The survey’s future indexes also moderated this month but suggest that growth is expected to continue over the next six months."Shifting investor […]

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