Gold price pushes into positive territory following sharp drop in New York Fed Empire State Survey

(Kitco News) - The gold market is seeing some modest support as prices continue to bounce off their session lows following weaker than expected data from the New York Federal Reserve.

Monday, the regional central bank said its Empire State manufacturing survey's general business conditions index fell to a reading of 18.3 in August, down significantly from July's reading of 43. The data was worse expected as consensus forecasts were calling for a reading around 28.9.

The gold market has bounced into positive territory following the disappointing manufacturing data. December gold futures last traded at $1,780.30 an ounce, up 0.12% on the day.