Daily Gold News: June 3 – Gold Still Consolidating

Gold price remains close to $2,350 level ahead of the important PMI data.

The gold futures contract lost 0.87% on Friday, May 31, as it further extended a short-term consolidation following the recent retreat. On previous week, gold broke below $2,400 and it was trading near $2,325. The market reacted to a stronger U.S. dollar and stock market pulling back. On Monday, May 20, gold reached a new record high of $2,454.20.

In mid-February, gold was the lowest since mid-December, after breaking below local lows from January on consumer inflation release. Since then, it gained over $450.

This morning, gold is trading sideways again, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: June 3 – Gold Still Consolidating - Image 1

The gold price is 0.3% higher, as it is trading along the $2,350 level. What about the other precious metals? Silver is 0.5% higher, platinum is 0.9% lower and palladium is 1.1% lower. So, the main precious metals’ prices are higher this morning.

On Friday, the important Core PCE Price Index has been lower than expected at +0.2% m/m. Today, we will get the Final Manufacturing PMI release at 9:45 a.m., and the ISM Manufacturing PMI at 10:00 a.m., among others.

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

Monday, June 3

  • 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, U.S. - Wards Total Vehicle Sales

Tuesday, June 4

  • 10:00 a.m. U.S. - JOLTS Job Openings, Factory Orders m/m
  • 9:30 p.m. Australia - GDP q/q
  • Tentative, U.S. - RCM/TIPP Economic Optimism

Paul Rejczak
Stock Trading Strategist