The latest Manufacturing Business Outlook Survey points to a broad expansion in regional industrial activity. Crucially, indicators for new orders, shipments, and current activity all moved into positive territory, while firms reported ongoing inflationary pressure on pricing. This data complicates the landscape for bullion, which has remained on the defensive since Wednesday when the Federal Reserve’s updated economic projections suggested the possibility of further interest rate hikes before the end of the year.

Spot gold last traded at $4,246.80 an ounce, reflecting a daily decline of 0.21%. Investors remain sensitive to positive economic surprises that bolster the case for a restrictive monetary policy, keeping the precious metal under a cloud of selling pressure.