Gold Price Sees Pressure As US Dollar And Stock Market Stabilize

New York (May 18)  Gold prices have lost modest early gains and are trading lower and near the daily low in late-morning dealings Thursday. The U.S. stock indexes have rebounded from their daily lows and are trading steady to higher on the day.

Meantime, the U.S. dollar index has moved to its daily high and is trading slightly up ahead of midday. The bounces in stocks and the greenback are bearish outside market elements working against the safe-haven gold market.

Still, a moderate downside correction after the solid recent gains is not surprising and is not unhealthy from a technical perspective. June gold was last down $7.50 an ounce at $1,251.00.

By 2:00pm EST spot gold plunged $14 to $1,247, while silver losat nearly 2% to $16.62. Additionbally, spot palladium declined $16 to &68 as spot platinum plunded $13 to $933. 

Source: KitcoNews