New York Fed's Empire State Manufacturing Survey shows increase in factory activity after five months.

The New York Federal Reserve reported a robust recovery in the US manufacturing sector, with the Empire State manufacturing survey's general business conditions index rising to 10.8 in April, up from March's negative reading of 24.6. The better-than-expected data is keeping a lid on gold prices as the market treads water at the start of the week. According to analysts, the latest economic data is helping to solidify expectations that the Federal Reserve will raise interest rates next month.