Gold Gains as Philly Fed Manufacturing Index Slumps to 20.9 in October

Spot gold rose 1.20% to $4,154.16 following a weaker-than-expected Philadelphia Federal Reserve manufacturing report. The regional headline index fell to 20.9 in October from 37.8 in September, falling short of the consensus forecast of 28.4. Sub-indices revealed widespread deceleration: new orders plummeted to 4.3 from 29.2, shipments dropped to 15.3, and the average workweek fell to 7.5. The forward-looking general activity index also decreased to 33.0, its lowest since January. Treasury yields declined amid slowing economic momentum, bolstering bullion demand.