(Kitco News) – Gold prices are pushing into unchanged territory as a modest purchase pressure is seen following the manufacturing stamp in the New York region, falling to negative territory.
Monday, the New York Federal Reserve said its empire's state-of-the-art business terms index fell to a reading of 8.6 in June, down from May's reading of 17.8. The consensus forecasts required a fall to 12.1.
According to reports, this is the largest ever decline in the study. This is the first negative reading for more than two years.
"The business activity fell slightly down in New York State, according to companies that responded to the Empire State Manufacturing Survey in June 201
Gold The prices traded negatively within the report and saw a modest leap higher to act almost unchanged on the day. August gold futures last traded at $ 1,343.30 an ounce, down 0.10% on the day.
The components of the report showed broad weakness across the board. The report said the New Orders Index dropped to a reading of -12.0, down from May's reading of 9.7. The shipping index fell to 9.7, down from the previous level of 16.3.
The region's labor market is also declining with the number of employees falling to -3.5, down from May's reading of 4.7.
Positive for gold, inflationary pressures are rising. The report said the price index rose to 27.8, up from May's reading of 26.2.
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