(Kitco News) - The gold market is trading on both sides of the key $1,900 level with neither bulls nor bears able to establish a clear direction after the Philadelphia Federal Reserve said its manufacturing sector survey surged dramatically into positive territory.
Thursday, the regional central bank said its manufacturing business outlook for August was much improved, climbing back into expansionary territory to 12, compared to July's reading of -13.5. The data significantly beat expectations as economists were looking for only modest improvement to a -10 reading.
The gold market is not seeing a massive reaction to the latest surprising economic data. Spot gold last traded at $1,898.90 an ounce, down 0.37% on the day, and has been trading only slightly above or below $1,900 since the minutes before the 8:30 AM EDT release. On the other hand, the labor market component continued to worsen, with the Employment Index dropping to -6.0, down from -1.0 in July.
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