Spot Gold Rebounds to $4,470/oz as Philly Fed Manufacturing Survey Climbs to 47.4 in August

Gold prices recovered from recent lows after the Philadelphia Fed’s August manufacturing survey exceeded expectations. The index hit 47.4, a five-year high, versus 41.4 in July and forecasts of 25.0. The report highlighted expanding activity, multi-year highs in employment, and sharply improved growth expectations ahead.

Spot gold last traded at $4,470.09 per ounce, down 1.17% on the session. Current indicators strengthened on employment gains while price pressures eased modestly but stayed elevated. Firms anticipate broad expansion over the next six months.

The future activity index surged to 73.6, its highest since 1983, with new orders and shipments indexes reaching over five-year highs.