kitco news19 May 2022 14:49
Weak economic data is having some impact on the gold market as prices push to session highs following disappointing manufacturing data from the Philadelphia Federal Reserve.
Thursday, the regional central bank said its manufacturing business outlook fell to a reading of 2.6 in May, down sharply from April’s reading of 17.6. The data missed expectations as consensus forecasts were calling for drop to around 14.9.
The decline in the Philly Fed Survey comes after the New York Federal Reserve said its manufacturing sector contracted in May, falling to -11.6.
The disappointing data has added to gold's bullish technical momentum and is helping to push gold price to a critical resistance point. June gold futures last traded at $1,837.10 an ounce, up more than 1% on the day.