Spot Gold Surges Above $4,060/oz as New York Manufacturing Index Jumps to 15.6, Far Exceeding Forecasts

According to the New York Federal Reserve, its Empire State manufacturing survey improved to 15.6 in July, significantly surpassing expectations of 6.2 and marking a sharp rise from June's 5.7 reading. The better-than-expected data triggered a rally in gold prices, which climbed to session highs at $4,063.13 per ounce, up 0.25% on the day.

The regional survey showed broad-based improvements across the manufacturing sector. New orders jumped nineteen points to 22.2 and shipments rose sixteen points to 24.4, marking a four-year high. Employment also strengthened, with the index reaching 11.4, its highest level since December 2022.