The Philadelphia Fed’s September Manufacturing Business Outlook Survey arrived at 37.8. While this marks a cooling from the previous month’s five-year high of 47.4, the figure comfortably surpassed the 31.3 consensus estimate. Regional manufacturers continue to report expansion, with broad indicators pointing toward sustained growth over the next six months.

Investors appear unfazed by this industrial strength or the Federal Reserve’s recent 25-basis-point rate hike. Following comments from Chair Kevin Warsh regarding the central bank’s commitment to a 2% inflation target, the market has shrugged off Wednesday’s volatility. This steady demand suggests that gold’s current momentum is driven by factors beyond the immediate manufacturing cycle.