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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.
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