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Gold gains as the New York manufacturing sector reported a steep drop in May.

Gold yesterday settled up by 0.23% at 61027 as the New York manufacturing sector reported a steep drop in May, according to the latest data from the New York Federal Reserve. The regional central bank said its Empire State manufacturing survey’s general business conditions index tumbled 43 points to -31.8 in May. A batch of new economic data underscored current trends of lower inflation and a slower labour market in the United States, strengthening expectations that the Federal Reserve will pause its tightening cycle in its next meeting.