Gold prices have jumped following a report from the Federal Reserve Bank of New York announcing disappointing contractions in the region’s manufacturing activity.
Despite figures in the Empire State Survey dropping to -.7 (down from a reading of 31.9 in December), this contraction caused celebration for the gold bulls continuing their bullish bets in January. Since data from the report was released, the gold market caught a bid, with the precious metal trading at $1,818 (£1,334) an ounce.
Gold’s ability to remain strong in the face of economic volatility has continued to prove the gold metal as an attractive asset for any investor to hold in their portfolio. Buy now.
In the report, the New York Federal Reserve also noted the ongoing threat of inflation that continues to drive prices up across the country, which is another positive indicator for future gold prices. As we know, high inflation is the catalyst for higher gold prices.
With the U.S. economy the way it is, there is no better time to invest in gold. Buy now before prices start to rise again.