Gold remained firmly in negative territory Thursday morning following the release of the latest Fed Beige Book

Gold remained firmly in negative territory Thursday morning following the release of the latest Fed Beige Book. The gold price slid 2.5% Thursday morning, declining $60.20 to $1,815 per ounce. After trading to a new all-time high early yesterday, the price of gold has plunged $92 over the past 30 hours.

The Beige Book, comprised of economic data collected by each Federal Reserve Bank in their respective districts – noted that “economic activity continued to expand at a modest pace, though some Districts noted mixed or weakening activity.”

Highlights included:

- Consumer spending increased slightly in most Districts since the last survey, but non-auto retail sales were flat or down in several Districts

- Although poor weather dampened growth in some areas, tourist activity remained solid in most Districts

- The demand for services was generally positive throughout the nation, but one region said conditions were deteriorating

- Of the five Districts reporting on transportation, three said conditions were mostly positive, while the other two reported activity as flat or slightly below expectations

- Manufacturing conditions were mixed across the country, but the pace of activity slowed in many Districts

- Residential real estate markets remained weak overall with only a few slight improvements in some Districts

- Most Districts characterized commercial real estate and construction activity as weak or little changed, but improvements were noted in several areas

- Loan demand remained stable or slightly weaker, and lending standards were largely unchanged with an improvement in loan quality