Gold price remains stuck at $1,800

5.17.22 - Stock Market is Bloody, Cryptos Massacred

Gold last traded at $1,819 an ounce. Silver at $21.70 an ounce.

NEWS SUMMARY: Precious metal prices rose Tuesday amid sharp losses in the U.S. dollar index. U.S. stocks higher as traders react to latest U.S. economic reports.

Kitco--"The gold market remains under pressure but is holding support above $1,800 an ounce as it sees little bullish momentum following weaker than expected regional manufacturing data from the New York Region.

Monday, the New York Federal Reserve said that its Empire State manufacturing survey's general business conditions index dropped to a reading of -11.6 in May, down from April's reading of 24.6. The data significantly missed expectations as consensus forecasts were looking for a reading of around 15.3.

The gold market is not seeing any major reaction to the latest disappointing economic data....Economists have noted that the U.S. manufacturing sector continues to struggle as issues remain in the global supply chain. Problems have been exacerbated by Russia's ongoing invasion of Ukraine.

Although inflation pressures dropped slightly this month, the report noted that prices are still elated. The Prices paid index dropped to 73.7, down from April's reading of 86.4.

The report also noted that future expectations have diminished compared to strong optimism at the start of the year."