Gold Prices Unfazed by Weakening US Manufacturing Data

The latest regional survey from the New York Federal Reserve reported that U.S. manufacturing activity is weakening, with the Empire State Manufacturing Survey coming in at 7.6, a sharp decline from the August reading of 20.6.

The consensus estimate had projected a reading of 14.8, but analysts have indicated that the cooling in the manufacturing sector is not severe enough to prevent the Federal Reserve from potentially raising interest rates on Wednesday.

Gold showed little reaction to the weaker manufacturing data, with spot gold last trading at $4,283.60 an ounce, down 0.34% on the day.