Philadelphia Fed Manufacturing Index Rebounds to 10.3 in June as Gold Retreats to $4,246.80

According to Kitco News, the Federal Reserve Bank of Philadelphia reported in June that its Manufacturing Business Outlook Index rose to 10.3, rebounding sharply from May's reading of -0.3 and beating economist expectations of 9.8. The survey indicated broad-based improvement across the region's manufacturing activity, with the New Orders Index climbing to 27.3 from 1.7 and the Shipments Index rising to 14.9 from 4.9.

The stronger data weighed on gold prices, which have faced selling pressure since the Federal Reserve signaled potential rate hikes later this year. Spot gold traded at $4,246.80 an ounce, down 0.21% on the day.