(Kitco News) - Gold prices continue to slide as manufacturing data within the Philadelphia region showed stronger than expected momentum.
Thursday, the Philadelphia Federal Reserve said its manufacturing business outlook rose to a reading of 30.7 in June, up down slightly from its April reading of 31.5. However, the data beat expectations as consensus forecasts were calling for a reading around 30.3.
"The survey's indicators for general activity, new orders, and shipments remained elevated, although movements were mixed," the report said.
The gold market has lost significant territory since Wednesday afternoon after the Federal Reserve forecasts the potential for two rate hikes in 2023. The latest manufacturing data has not helped the gold market with August future last trading at $1,780.40 an ounce, down more than 4% on the session.
Looking at some of the components of the report, the new orders index fell to 22.2, down from the previous reading of 32.5.
The labor market saw significant growth with the number of employees index rising to 30.7, up from the previous level of 19.3.
Although the Philadelphia region is seeing resilient strength, the activity continues to come with a cost. The reported noted that inflation pressures continue to push higher.
The report said that the prices paid index rose to 80.7, up from the previous reading of 76.8.
Gold remains under pressure following stronger than expected Philly Fed Survey - Kitco NEWS
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