Daily Gold News: Apr. 28 - Gold Price Continues to Consolidate

Gold is still going sideways despite stock market’s volatility, economic data.

The gold futures contract gained 0.15% on Thursday, Apr. 27 as it continued to trade along the $2,000 price level despite stock market’s rally and series of economic data releases. Recently the yellow metal retreated from its April 13 local high of $2,063.40. In early April it kept advancing on U.S. dollar weakness, stock markets’ rally. There is still a lot of uncertainty following the banking crisis, Fed’s interest rate hikes.

In early March gold was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from the local low of around $1,813.

Today gold is trading slightly below the $2,000 level as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: Apr. 28 - Gold Price Continues to Consolidate - Image 1

The gold price is 0.2% lower this morning as it is still trading sideways. What about the other precious metals? Silver is 0.5% lower, platinum is 1.3% lower and palladium is 0.4% higher. So the main precious metals’ prices are lower this morning.

Yesterday’s Advance GDP number release has been lower than expected at +1.1% q/q. Today we will get the Core PCE Price Index release, among others.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Friday, April 28

  • 8:30 a.m. U.S. - Core PCE Price Index m/m, Employment Cost Index q/q, Personal Income m/m, Personal Spending m/m
  • 8:30 a.m. Canada - GDP m/m
  • 9:45 a.m. U.S. - Chicago PMI
  • 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
  • Tentative, Japan - BOJ Press Conference
  • All Day, Eurozone - German Preliminary CPI m/m
  • All Day, Eurozone - ECOFIN Meetings, Eurogroup Meetings

Monday, May 1

  • 9:45 a.m. U.S. - Final Manufacturing PMI
  • 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
  • All Day, Eurozone - German Bank Holiday, French Bank Holiday, Italian Bank Holiday

Paul Rejczak
Stock Trading Strategist