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(Kitco News) – The gold market remains under pressure but is slowly picking up as disappointing economic news from the New York Federal Reserve works against growing investor optimism about a potential COVID-19 virus vaccine.
On Monday, the New York Federal Reserve said that the Empire State Manufacturing Survey’s General Business Conditions Index fell to a reading of 6.3 in November, down significantly from the reading of 10. , October 5th. The data was worse than expected as the consensus forecast called for a rise to 13.8. December gold futures were last trading at $ 1,883 an ounce, down 0.17% on the day.
The latest economic data is helping gold prices recover from a morning selloff after Moderna announced news of a potential COVID-19 vaccine being 94.5% effective.
Economists and market analysts have noted that although a vaccine is good news for the global economy, the global pandemic has inflicted a lot of damage on the economy. Economists note that the latest data from the New York Federal Reserve show that the economy still faces a long recovery.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee this accuracy. This article is for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no liability for loss and / or damage resulting from the use of this publication.
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