[vi] Spot gold near highs after New York manufacturing index rises to 25.5

[vi]

[vi] (Kitco News) - Gold prices were trading near session highs after manufacturing activity in the New York region rose further into expansionary territory this month, though price pressures and the outlook worsened, according to the latest data published by the New York Federal Reserve.

[vi] The regional central bank announced on Thursday that its Empire State manufacturing survey improved to 25.5 in October, its highest reading in nearly five years, after posting a 7.6 print in September. The data was better than expectations, as consensus forecasts called for a decline to 10.3.

[vi] “New orders increased markedly and shipments grew,” the report said. “Unfilled orders rose, delivery times lengthened substantially, and supply availability worsened further. Inventories increased. Employment continued to rise modestly and the average workweek rose. The pace of input and selling price increases remained elevated. Firms continued to expect conditions to improve in the months ahead, though optimism moderated.”

[vi] Spot gold was trading near session highs following the retail sales data, and last traded at $4,154.16 for a gain of 1.20% on the session.

[vi] !article image

[vi] The components of the report showed conditions improving on balance across the region’s manufacturing sector.

[vi] “The new orders index rose twenty-one points to 23.2, and the shipments index increased sixteen points to 13.1, pointing to a solid increase in orders and shipments,” the report said. “The unfilled orders index rose eight points to 14.0, and the delivery times index came in at 19.8, suggesting an increase in unfilled orders and significantly longer delivery times. Inventories increased. The supply availability index slipped three points to -15.1, its lowest level since June 2022, pointing to worsening supply availability.”

[vi] The employment picture was stable, while the prices indexes showed continued inflationary pressures. “The index for number of employees held steady at 10.3, and the average workweek index came in at 9.1, suggesting ongoing modest growth in employment and an increase in hours worked,” the report said “Prices continued to rise at an elevated pace, with the prices paid index dipping four points from its four-year high last month to 59.5, and the prices received index rising three points to 30.6..”

[vi] Looking ahead, the New York Fed said that firms were less optimistic about the outlook. “The index for future business conditions dropped eight points to 21.0, indicating that firms expect conditions to improve in the months ahead, though they are not as optimistic as in recent months,” they noted. “New orders and shipments are expected to increase, and employment is expected to grow. Supply availability is expected to worsen. Both future price indexes climbed further from already elevated levels, suggesting that expectations for price increases have become more widespread. Capital spending plans remained modest.”

[vi]

[vi] [Ernest Hoffman](/author/ernest-hoffman)

[vi] Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations. Ernest began working in market news in 2007, establishing the broadcast division of CEP News in Montreal, Canada, where he developed the fastest web-based audio news service in the world and produced economic news videos in partnership with MSN and the TMX. He has a Bachelor's degree Specialization in Journalism from Concordia University. You can reach Ernest at 1-514-670-1339.

[vi] https://www.linkedin.com//in/ernesthoffman/

[vi] Tags:

[vi] Empire State Manufacturing SurveyNew York Empire State Manufacturing Survey

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[vi] Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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