Daily Market Review – May, 17

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Gold Spot Price today increased to $1,256.20 (+1.33%) per ounce, Silver Price $17.06 (+0.82%), Platinum Price $950.30 (+0.69%), Palladium Price $787.70 (-1.72%), Dow Jones index 20979.75 (0.01% decrease).

U.S. Dollar vs Precious metals

The US Dollar Index is being weighed down today by weak economic data and lack of optimism over higher American growth and inflation continuing to fade following a  round of disappointing housing data. Investors had the high hopes for Mr. Trump’s vision of America, but the latest scandal about shared information with Russian officials puts his plans on hold or may see them implemented at the worst. The New York Times yesterday reported James Comey took notes of a meeting where President Trump asked him to stop investigating into National Security Advisor Michael Flynn, who allegedly contacted with Russian officials during last year’s election campaign.

Gold price opened higher on Wednesday, as the yellow metal benefited from the weaker Dollar.  The weaker than expected housing starts report and weaker than expected retail sales report last week have caused the higher gold prices. Among the other precious metals: Silver is up over $17.00 per ounce, platinum prices also climbed today, meanwhile, palladium dropped down.

Stock Market Today

U.S. stocks on Wednesday opened lower S&P 500 2400.67 (-1.31%) and NASDAQ Index 6169.87 (+0.33%), Dow Jones Industrial Average 20979.75 (-0.01%).

Concern that U.S.President Donald Trump’s reform agenda could be slowed down, and that Trump himself could even face the threat of impeachment after being involved in Russian scandal, added to disappointing U.S. economic data on Wednesday  the lower main stock market indexes today. The main indexes were on track for their largest daily declines in nearly two months. Some investors still suggest that a market reaction seems muted to what’s going on in Washington, and has more focus on Washington’s ability to push tax reform.

Oil prices strengthened on Wednesday ahead of U.S. crude inventory data that could give investors a clue as to whether an OPEC-led output cut is making progress in reducing a persistent global supply overhang.

Economic data for today: MBA Mortgage Applications.

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