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Morning Snapshot: Gold remains generally well bid amid political turmoil

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Published : May 18th, 2017
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USAGOLD/Peter Grant/05-18-17

Gold remains generally well bid in the wake of yesterday’s solid gains. The yellow metal remains underpinned by haven demand amid ongoing U.S. political turmoil.

Stocks extended to the downside in pre-market trading, adding to Wednesday’s considerable losses as risk appetite continues to wane. As BusinessInsider’s Pedro da Costa put it, “the challenge to Trump’s political power has reached a level that means his economic agenda is off the rails.” That would suggest that the balance of the post-election stock market gains are vulnerable to retracement.

This morning’s U.S. data were generally constructive. Initial jobless claims for last week dropped 4k to 232k, below expectations of 240k. The Philly Fed index rose to 38.8 in May, beating expectations of 19.5 by a wide margin. Later this morning we’ll see leading indicators for April. A rise of 0.3% is expected.

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