Daily Gold News: May 10 – Gold Continues Sideways Ahead of the CPI
Gold price is going sideways ahead of the important consumer inflation data.
The gold futures contract gained 0.48% on Tuesday, May 9 as it extended its Monday’s rebound. The market retraced some more of the Friday’s decline of 1.5%. On Thursday gold reached new medium-term high of $2,085.40 and on Friday it fell to the local low of $2,007.00 after a better-than-expected monthly jobs data release. The market went back to the month-long trading range.
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 its yesterday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% lower this morning as it is trading slightly below the $2,040 level. What about the other precious metals? Silver is 0.4% lower, platinum is 0.4% higher and palladium is 0.3% higher. So the main precious metals’ prices are lower this morning.
Yesterday’s NFIB Small Business Index release has been slightly lower than expected at 89.0. Today we will get the important Consumer Price Index release at 8:30 a.m. It is expected at +0.4% m/m/ and +5.0% y/y. There will be an increased price volatility after that data release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, May 10
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
Thursday, May 11
- 7:00 a.m. U.K. - BOE Monetary Policy Report, MPC Official Bank Rate Votes, Monetary Policy Summary, Official Bank Rate
- 7:30 a.m. U.K. - BOE Governor Bailey Speech
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 10:15 a.m. U.S. - FOMC Member Waller Speech
- 1:01 p.m. U.S. - 30-y Bond Auction
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