Empire State Index Surge Triggers Slight Gold Price Dip

Gold prices experienced a slight dip following the release of data from the New York Federal Reserve. The Empire State manufacturing index rose to its highest level in over four years, reaching 20.6 in August.

This significant increase indicates strong regional economic growth, with solid gains in new orders and shipments. However, firms are facing longer delivery times and worsening supply availability, alongside modest employment growth.

Despite rising input costs, companies remain optimistic about future business conditions, expecting increased orders, shipments, and employment over the next six months.