Gold Price Snaps Long Win Streak As Stocks Steady

New York (May 18)  Gold futures edged lower Thursday, easing from 4-week highs as US stocks quickly steadied after yesterday's brutal session.

Analysts say markets are resilient due to upbeat economic data that could offset jitters about political turmoil in Washington, DC.

President Donald Trump is facing heavy criticism for his supposed ties to Russia and handling of classified intelligence.

Snapping a 6-day win streak, June gold fell USD5.90, or 0.5%, to settle at USD1,252.80/oz.

In economic news, Philadelphia-area manufacturing activity has unexpectedly expanded at a faster pace in the month of May, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.

The Philly Fed said its index for current manufacturing activity in the region climbed to 38.8 in May from 22.0 in April, with a positive reading indicating growth. The index had been expected to dip to 19.5.

Meanwhile, initial jobless claims edged down to 232,000, a decrease of 4,000 from the previous week's unrevised level of 236,000. Economists had expected jobless claims to rise to 240,000.

Source: AllianceNews