(Kitco News) - The gold market continues to face solid selling pressure as the Federal Reserve Bank of Philadelphia reported a strong rebound in its manufacturing sector.
The regional central bank said its Manufacturing Business Outlook Index for June rose to 10.3, compared to May’s reading of -4.0. The data came in better than expected, as economists had forecast a reading of 9.8 this month.
“Responses to the June Manufacturing Business Outlook Survey suggest overall expansion in the region’s manufacturing activity. The indicators for current activity, new orders, and shipments rose and were all positive. On balance, firms continued to indicate overall increases in prices,” the report said.
The gold market has struggled to find solid footing since Wednesday afternoon after the Federal Reserve signaled the potential for a rate hike this year in its updated economic projections.
Spot gold last traded at $4,246.80 an ounce, down 0.21% on the day.
