Mixed Results for New York Manufacturing as Gold Prices Experience Profit Taking

Gold prices are experiencing profit-taking as the New York Federal Reserve's Empire State manufacturing survey reveals stronger-than-expected activity. The survey's general business conditions index fell to 1.1 in July, beating expectations of a negative reading. The report also shows mixed activity in components such as new orders and shipments, while the labor market saw robust momentum. Inflation pressures are easing, which some analysts view as negative for gold.