Gold Prices Stay Pressured as Philly Fed Survey Rebounds to 10.3 in June

Gold prices continue facing selling pressure after the Philadelphia Federal Reserve reported a rebound in its manufacturing sector. The business outlook index rose to 10.3 in June from -0.4 in May, beating expectations of 9.8. The report points to overall expansion in regional activity, with positive readings for current activity, new orders, and shipments, alongside broad price increases. Further data showed the new orders index jumping to 27.3 from -1.7, shipments rising to 14.9 from 4.9, and the employees index improving to 7.9 from -2.8, while the price paid index climbed to 53.2 from 47.9. Spot gold traded at $4,246.80 an ounce, down 0.21%. The metal struggles after the Fed signaled a possible rate hike this year, contrasting with weakening activity reported earlier by the New York Fed.