Following the 8:30 am ET release, spot gold ticked down to trade at $4,379.42 per ounce, holding a marginal gain of 0.06% for the day. The data signaled robust growth across the sector, with new orders and shipments posting solid gains while delivery times lengthened significantly.
Gold slips as Empire State manufacturing index hits four-year high
A surprise jump in the New York Federal Reserve’s manufacturing survey sent gold prices retreating from session highs on Monday. The Empire State index climbed to 20.6 in August, shattering analyst expectations of a decline to 10.2 and marking the region’s strongest manufacturing performance in more than four years.
Labor market indicators also trended upward, as both employment levels and the average workweek expanded. While firms reported a moderate cooling in the pace of selling price increases, input costs continued to climb. Looking toward the next six months, regional manufacturers maintained a bullish stance, with expectations for continued growth in orders and hiring despite ongoing supply chain constraints.
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