Gold prices down but not out following 27.5 reading in Philly Fed Survey

New York (June 18)  Gold prices are remain under pressure, but continue to see little reaction to better-than-expected sentiment in the manufacturing sector.

Thursday, The Philadelphia Federal Reserve said that its manufacturing business outlook rose significantly higher a reading of 27.5 in June, up from its May reading of -43.1. The data beat expectations as consensus forecasts were calling for a reading around -23.

This is the second positive reading for regional manufacturing data but gold is not seeing any major renewed selling pressure in initial reaction. August gold futures last traded at $1,730.80 an ounce, down 0.28% on the day.

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