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Gold falls more after Philly Fed

Oil futures topped $90 and gold fell more after the Philadelphia Federal Reserve released its manufacturing survey for September. Crude oil for October delivery touched $90.15 and recently traded up $1.01, or 1.1%, at $89.91 a barrel. Oil had turned higher in morning trading after a report showed August industrial output in the U.S. edged up 0.2% and the European Central Bank announced a coordinated central-bank action to provide more U.S. dollar liquidity. The Philly Fed said at 10 a.m. that its manufacturing index was -17.5 in September. That’s worse than the -13.4 expected by analysts but better than August’s -30.7 reading. Gold for December delivery  fell $39.30, or 2.2%, to $1,788.20 an ounce. – MarketWatch.com

Posted by on September 15, 2011. Filed under Precious metals. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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