Gold prices off their lows but still down 1% following disappointing Philly Fed survey data

New York (Aug 20)  Gold prices remain under pressure but are off their session lows after the Philadelphia Federal Reserve reported lower-than-expected sentiment in its regional manufacturing sector.

Thursday, The Philadelphia Federal Reserve said that its manufacturing business outlook fell to a reading of 17.2 in August, down from the July reading of 24. The data missed expectations as consensus forecasts were calling for a reading around 21.

Despite the disappointing economic data, gold is not seeing significant movement in initial reaction. December gold futures last traded at $1,950 an ounce, down roughly 1% on the day.

KitcoNews