Gold prices holding firm above $1,900 as Philly Fed Survey rises to -8.9
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Although the headline data came in better than expected, the report noted that activity has been in negative territory for the last five consecutive months. The gold market is not seeing much reaction to the latest manufacturing data as it continues to hold on to gains above $1,900 an ounce. February gold futures last traded at $1,912.50, up 0.29% on the day.
Looking at the components of the report, the New Orders Index rose to -10.9, up from December’s reading at -22.3. At the same time the Shipments Index rose to 11.1, up from the previous reading at -0.9.
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