Gold price traded higher today due to the weaker-than-expected economic data from the U.S. The U.S. industrial production dropped 0.6% in March, missing expectations for a 0.2% decrease, after a 0.1% rise in February. The decline was driven by lower output of utilities. The U.S. manufacturing production increased 0.1% in March. Capacity utilisation rate fell to 78.4% in March from 79.0% in February. These figures are pointing to a slower economic growth in the U.S. in the first quarter.
The NY Fed Empire State manufacturing index declined to -1.19 in April from 6.90 in March, missing expectations for a rise to 7.0. It was the first negative reading since December 2014. The decline was driven by a drop in new orders.
The Fed could delay its interest rate as its decision will depend on the U.S. economic data. The recently released U.S. economic data was mostly weaker-than-expected.
June futures for gold on the COMEX today rose to 1197.30 dollars per ounce.