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.
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