Gold Unfazed by Stronger US Manufacturing Numbers

The Philadelphia Federal Reserve's latest survey shows that the US manufacturing sector remains resilient, but gold is not reacting to this news. The Manufacturing Business Outlook Survey for September came in at 37.8, down from last month's five-year high of 47.4.

This reading was better than expected, as economists had forecasted a score of 31.3. Despite the positive economic data, the gold market remains unaffected and continues to recover from Wednesday's selloff after the Federal Reserve raised interest rates by 25 basis points.

Spot gold is trading at $4,364.90 an ounce, up over 2% on the day. The precious metal seems to be ignoring the positive economic indicators and instead focusing on its own momentum.