Gold Prices See Some Selling Pressure After Several U.S. Economic Reports

New York (Sept 15)  Gold prices are moderately lower in mid-morning U.S. trading Thursday. After trading near steady overnight, the precious metal came under some selling pressure following a batch of U.S. economic data was just released. While the data was a mixed bag of better strength and unexpected weakness, the marketplace appears to be focusing on the Philadelphia Fed business survey that showed a sharp improvement in September from August. The general business index that covers the factory sector showed a rise to 12.8 in September from 2.0 in August. The reading was -2.9 in July. The marketplace expected a reading of 0.0. This report falls into the camp of U.S. monetary policy hawks, who want to see an interest rate rise sooner rather than later. December gold was last down $5.30 an ounce at $1,320.70.

By 1025am EST spot gold was down $10 to $1313, while spot silver treaded water at $18.96.

Source: KitcoNews