Gold holds steady after New York manufacturing index misses expectations again in April | Kitco News

Gold holds steady after New York manufacturing index misses expectations again in April

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(Kitco News) - Manufacturing activity in the New York region showed continued weakness this month, according to the latest figures published by the New York Federal Reserve.

The regional central bank said on Monday that its Empire State manufacturing survey rose to -14.3 in April, after coming in at -20.9 in March. The data was still worse than expectations, as consensus forecasts called for a -9 reading.

“Manufacturing activity continued to contract in New York State in April, and employment continued to decline,” said Richard Deitz, Economic Research Advisor at the New York Fed. “Optimism about the outlook for future business conditions remained subdued.”

Gold prices held steady following the downbeat economic data. Spot gold last traded at $2,356.63 in the minutes following the 8:30 am release, up 0.49% on the day.

The components of the report showed broad-based weakness in the region’s manufacturing sector.

The New Orders Index rose slightly to -16.2 from March’s reading of -17.2, while the Shipments Index dropped deeper into negative territory at -14.4, down from -6.9 last month.

“The index for number of employees came in at -5.1, and the average workweek index was little changed at -10.6, pointing to an ongoing decline in employment levels and hours worked,” the report said.

The report also showed an uptick in inflation pressures. “The prices paid index moved up five points to 33.7, indicating that input price increases picked up slightly, and the prices received index held steady at 16.9.”

The rising inflation numbers are seen as a potential negative for gold as they could compel the Federal Reserve to maintain its restrictive monetary policies and delay rate cuts for longer than expected.

Ernest Hoffman

Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations. Ernest began working in market news in 2007, establishing the broadcast division of CEP News in Montreal, Canada, where he developed the fastest web-based audio news service in the world and produced economic news videos in partnership with MSN and the TMX. He has a Bachelor's degree Specialization in Journalism from Concordia University. You can reach Ernest at 1-514-670-1339.

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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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Gold holds steady after New York manufacturing index misses expectations again in April - Kitco NEWS

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Gold holds steady after New York manufacturing index misses expectations again in April

By Ernest Hoffman

Kitco News
The Leading News Source in Precious Metals

Ernest Hoffman

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Gold holds steady after New York manufacturing index misses expectations again in April - Kitco NEWS

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Gold holds steady after New York manufacturing index misses expectations again in April

By Ernest Hoffman

Kitco NewsThe Leading News Source in Precious Metals

Ernest Hoffman

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