Gold Prices Steady at $4,500 Amid Slowing U.S. Economic Activity

Key Facts

Gold prices remained contained near the $4,500 per ounce level as momentum in the U.S. manufacturing and services sectors remains subdued. According to reports, this price stability follows data from S&P Global indicating a broader slowdown in economic activity. The lack of momentum in these key sectors is providing a floor for gold prices, reinforcing its appeal as a safe-haven asset.

This slowdown occurs alongside mixed economic signals; per market data, the NY Empire State Manufacturing Index reached 19.6 on May 15, 2026, significantly beating the 7.5 forecast. Additionally, U.S. Industrial Production grew by 0.7% in May according to official figures, surpassing the 0.3% expectation, which suggests localized resilience despite the cooling services sector reported by S&P Global.

Investors are currently watching the $4,500 level as a primary pivot point for the metal. Looking ahead, the market will focus on the Atlanta Fed GDPNow estimates and upcoming speeches from Federal Reserve officials including Bowman and Williams. These events, listed in the economic calendar, will be crucial for determining if gold can break out of its current consolidation phase.