Daily Gold News: May 1 – More Uncertainty as Gold Remains Close to $2,000
Gold price is still close to the $2,000 level; markets await series of economic data this week.
The gold futures contract gained 0.01% on Friday, Apr. 28 as it remained close to the $2,000 price level despite stock market’s rally and 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 sideways again as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower this morning as it is trading just below the $2,000 level. What about the other precious metals? Silver is 0.7% higher, platinum is 0.5% higher and palladium is 0.4% lower. So the main precious metals’ prices are mixed this morning.
Friday’s important Core PCE Price Index release had been as expected at +0.3% m/m. Today we will get the ISM Manufacturing PMI release at 10:00 a.m., among others. The markets will be waiting for the Wednesday’s FOMC Rate Decision announcement.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Tuesday, May 2
- 12:30 a.m. Australia - Cash Rate, RBA Rate Statement
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 7:20 a.m. Australia - RBA Governor Lowe Speech
- 10:00 a.m. U.S. - JOLTS Job Openings, Factory Orders m/m
- All Day, Japan - Bank Holiday
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