Gold is breaking below its recent lows as markets digest economic data, tariff developments.
The gold futures contract lost 0.43% on Wednesday, April 30, as it extended its consolidation along the $3,300 level. It fluctuated following last week’s pullback from a new record high of $3,509.90. Recently, gold kept advancing on continuing economic uncertainty, tariff developments, weakening U.S. dollar. In early April, it pulled back from its previous high, trading as low as $2,970.40.
On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections. Gold extended its decline from the late October high, reaching a local low of $2,541.50.
This morning, gold is breaking lower, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 2.6% lower, as it is trading along the $3,280 level. What about the other precious metals? Silver is 1.5% lower, platinum is 0.4% lower and palladium is 0.3% higher. So, the main precious metals’ prices are lower this morning.
Yesterday’s JOLTS Advance GDP release has been worse than expected at -0.3% month-over-month. Today, we will get the Unemployment Claims and ISM Manufacturing PMI numbers, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, May 1
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims
- 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
- Tentative, Japan - BOJ Press Conference
- All Day, Eurozone - French Bank Holiday, German Bank Holiday, Italian Bank Holiday
- All Day, China - Bank Holiday
Friday, May 2
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 10:00 a.m. U.S. - Factory Orders m/m
- All Day, Australia - Parliamentary Elections
Paul Rejczak
Stock Trading Strategist