Activity across the New York manufacturing sector registered only modest gains this month, according to the Federal Reserve Bank of New York. While employment figures marked a fifth consecutive month of growth, the report highlighted worsening supply availability and elevated price pressures. Richard Deitz, economic research advisor at the regional bank, noted that the sector is struggling to maintain the momentum seen earlier in the spring.

Investors largely shrugged off the manufacturing miss, keeping their attention fixed on geopolitical headlines regarding a potential U.S.-Iran peace deal. Spot gold last traded at $4,344.30 an ounce, reflecting a daily gain of nearly 3%. Market analysts suggest that if weak regional data continues to collide with stubborn inflation, the metal may find long-term support as a hedge against mounting stagflationary risks.