Commodities
Gold Retreats After Philly Fed and Jobless Claims Data Trim Rally
Gold prices have retreated to around $4,454.70 an ounce after strong U.S. labor and manufacturing data tempered part of Wednesday's rally.
The Philadelphia Fed manufacturing index rose to 47.4 in August from 41.4 in July, beating expectations for 24.1, while initial jobless claims fell to 206,000 for the week ended Aug. 15, below forecasts for 210,000.
This morning's data has added some resistance to the lower-yields trade that lifted gold above $4,500 on Wednesday, with Fed minutes showing officials prepared to raise rates if inflation fails to cool.