Empire State Manufacturing Survey Falls to 7.6 as Gold Struggles

The New York Federal Reserve's Empire State Manufacturing Survey fell to 7.6 in September, down sharply from August's 20.6 reading.

Economists had expected a reading of 14.8.

Richard Deitz, Economic Research Advisor at the New York Fed, said that 'New York State manufacturing activity continued to pick up modestly in September.'

However, the gold market is not reacting much to the disappointing manufacturing data, with spot gold last trading at $4,283.60 an ounce, down 0.34% on the day.