Gold remain flat Monday despite a decline in growth within the New York regional manufacturing sector.
Monday the New York Federal Reserve said the general business conditions index in its Empire State manufacturing survey fell to a reading of -6.8 in October, following September’s reading of -2. Economists were expecting to see a reading of 1.1.
“For the third consecutive month, manufacturing firms in New York State reported a modest decline in business activity,” the report said.
Gold prices saw a modest boost in initial reaction to the data but they still remain slightly negative to unchanged. December gold last traded at 1,255.30 an ounce, down 0.02% on the day.
The yellow metal has been trading in a relatively tight range and has managed to hold key support above $1,250 an ounce.
Looking at some of the components of the report, the new order’s index managed to increase in October, but it still remains in negative territory, rising to a reading of -5.6.