Gold Price Rises Slightly From Lows After Disappointing New York Fed Data

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Editor’s Note: With such market volatility, stay up to date with daily news! Take a minute to read our quick summary of today’s must-see news and expert advice. Register here! (Kitco News) – The gold market remains under pressure but is climbing slowly as disappointing economic news from the New York Federal Reserve thwarts growing investor optimism over a potential vaccine against the COVID-19 virus.

On Monday, the New York Federal Reserve said the general business conditions index of its Empire State manufacturing survey fell to 6.3 in November, down significantly from 10.5 in October . The data was worse than expected, with consensus forecast calling for a rise to 13.8. December gold futures last traded at $ 1,883 an ounce, down 0.17% on the day.

The latest economic data is helping gold prices recover from a massive sell-off early in the morning after Moderna announced that potential vaccines against the COVID-19 virus were 94.5% effective.

Economists and market analysts have noted that while a vaccine is good news for the global economy, the global pandemic has inflicted a great deal of damage on the economy. Economists note that the latest data from the New York Federal Reserve shows that the economy is still facing a long recovery.

Warning: The opinions 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 the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to effect an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept guilt for any loss and / or damage resulting from the use of this publication.

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