Gold prices in striking distance of $1,900 but sees little momentum after Philly Fed Survey falls

NEW YORK (Feb 17)  The gold price is holding within striking distance of $1,900 an ounce but is seeing little movement following weaker than expected momentum the Philadelphia region’s manufacturing sector, according to the latest data from the Philadelphia Central Bank.

Thursday, the regional central bank said that its manufacturing business outlook fell to a reading of 16.0 in February, down from the Janaury reading of 23.2. The data missed expectations as consensus forecasts were calling for a reading around 19.9.

The gold market is seeing strong gains Thursday as it moves to within a few dollars of $1,900 an ounce; however, the latest disappointing economic data is not providing any new momentum to the rally. April gold futures last traded at $1,897.30 an ounce, up 1.38% on the day.

KITCO