Gold Maintains Momentum Despite Philly Fed Data

Gold continues to hold above key support levels despite the Philadelphia Fed survey showing unexpected resilience in US manufacturing. The September index came in at 37.8, down from 47.4 but above the 31.3 forecast. The report highlighted regional expansion and expectations for growth over the next six months.

The gold market showed little reaction to the upbeat data. The metal is recovering from Wednesday’s selloff after the Fed hiked rates by 25 basis points, with Chair Kevin Warsh noting further work needed to reach the 2% inflation target. Spot gold traded at $4,364.90 per ounce, up more than 2%.

Broader US manufacturing remains mixed, as the New York Fed’s Empire State survey showed weaker results. Philly Fed sub-indices softened, with new orders at 29.2 and employment falling to 11.8, while prices paid rose to 48.6.