Gold prices pull back after New York Fed survey beats expectations to rise to 9.1 in November

NEW YORK (November 15) Gold prices dipped after the latest data from the New York Federal Reserve showed significant improvement within its region's manufacturing sector.

The regional central bank said Wednesday that its Empire State manufacturing survey's general business conditions index rose to 9.1 in November, well up from October’s negative reading of -4.6.

The data was much stronger than expected, as consensus forecasts were looking for the headline index to remain in contractionary territory at -2.6. October was only the second month the index has been negative since May, after August posted a reading of -19.

Spot gold dipped from $1,971.16 just before 8:30 am EDT to $1,966.59 in the minutes following the release, and is up 0.17% on the day.

KitcoNews