Gold slips toward $4,000 as Philly Fed manufacturing index surges

The regional central bank reported a significant jump from June's reading of 10.3, marking the highest level for general activity since November 2021. The data highlights a broad expansion in the regional manufacturing sector, with specific indicators for new orders and shipments climbing to multi-year highs. Firms also noted a persistent increase in employment levels, even as price pressures remain elevated.

More than 53 percent of surveyed firms reported growth in current activity, far outpacing the 12 percent that experienced declines. The prices paid index edged up to 53.9, with over half of the respondents noting higher input costs. While future activity indicators moderated slightly compared to earlier projections, businesses maintain a positive outlook for growth over the next six months. Spot gold last traded at $4,003.16 per ounce, reflecting a 1.43 percent decline for the session.