(Kitco News) - The gold market hit new session highs after the Philadelphia Federal Reserve said its manufacturing sector survey remained in negative territory this month.
On Thursday, the regional central bank said its manufacturing business outlook for September came in below expectations at -9 against the consensus forecast for a -6.4 print. It was still better than the September level of -13.4, which followed August’s positive reading of 12.
August was the first month the survey had given a positive reading after eleven consecutive months in negative territory, and October marks the 15th negative reading in the past 17 months. The labor market component also turned positive, with the Employment Index coming in at 4 after September’s -5.7 reading.
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