Gold price doesn't budge after New York Fed highlights higher inflation in 2022

(Kitco News) - The gold market is off its lows but still struggling in negative territory, finding little traction as data from the Federal Reserve of New York further highlighted the growing inflation threat.

Monday, the regional central bank released the results of its May consumer expectation survey. Traditionally, the report doesn't garner much media attention, but markets are sensitive to the looming inflation threat.

The report said that median inflation in May 2022 will increase by 0.6 percentage points to 4.0%. The report noted that this is the seventh consecutive monthly increase and a new series high.