Philly Fed Survey Lifts Gold to $4,470/oz Amid Stronger Economic Outlook
Gold prices saw a bounce Thursday morning after the Philadelphia Federal Reserve's manufacturing sector survey showed an improvement beyond expectations in August. The regional central bank reported a reading of 47.4, a five-year high, compared to 41.4 in July. Economists had predicted a reading of 25.0.
The Philly Fed report noted that nearly 57% of firms reported increases in activity, while 10% reported decreases and 29% reported no change. The current new orders index fell 7 points to 30.1, but remained above its long-run nonrecession average. Almost 46% of the firms reported an increase in new orders.
The employment index rose 18 points to 27.9, its highest reading since April 2022. Nearly 33% of the firms reported an increase in employment levels, up from 13% last month. The average workweek index rose from 14.0 to 26.5.