Gold slips as Empire State manufacturing index hits four-year high

Following the 8:30 am ET release, spot gold ticked down to trade at $4,379.42 per ounce, holding a marginal gain of 0.06% for the day. The data signaled robust growth across the sector, with new orders and shipments posting solid gains while delivery times lengthened significantly.

Labor market indicators also trended upward, as both employment levels and the average workweek expanded. While firms reported a moderate cooling in the pace of selling price increases, input costs continued to climb. Looking toward the next six months, regional manufacturers maintained a bullish stance, with expectations for continued growth in orders and hiring despite ongoing supply chain constraints.