New York's May Manufacturing Activity Plummets, Boosting Gold Prices.

The gold market rose as the New York Federal Reserve reported a sharp drop in the region's manufacturing activity in May, with the general business conditions index falling 43 points to -31.8, missing consensus forecasts. The new orders index plunged 53 points to -28, while the prices paid index was little changed at 34.9. Gold futures rose to $2,022.80 an ounce following the report. Markets are also closely watching Tuesday's retail sales report.