Daily Gold News: May 10 – Gold Price Is Closer to $2,400 Again

Gold broke its recent trading range; today, it’s extending the advance.

The gold futures contract gained 0.78% on Thursday, May 9, as it broke above the recent highs following advancing stock markets, weaker U.S. dollar.

Last Friday, the yellow metal didn’t do much despite monthly jobs data and the usual volatility accompanying that release. Last Wednesday, the market didn’t react to the FOMC Rate Decision.

Recently, gold was selling off from a new record high of $2,448.80 reached on April 12. On Friday, April 19, the yellow metal reached a local high of around $2,433 in a reaction stock market’s sell-off amid Middle East tensions, strong USD.

On February 14, gold was the lowest since mid-December, after breaking below local lows from January on the consumer inflation release. Since then, it gained over $450.

This morning, gold is extending its yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: May 10 – Gold Price Is Closer to $2,400 Again - Image 1

The gold price is 1.7% higher, as it is trading closer to the $2,400 level. What about the other precious metals? Silver is 1.6% higher, platinum is 0.6% higher and palladium is 1.9% higher. So, the main precious metals’ prices are higher this morning.

Yesterday’s Unemployment Claims release has been higher than expected at 231,000. Today, we will get the UoM Consumer Sentiment number 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).

Friday, May 10

  • 2:00 a.m. U.K. - GDP m/m, Preliminary GDP q/q
  • 8:30 a.m. Canada - Employment Change, Unemployment Rate
  • 9:00 a.m. U.S. - FOMC Member Bowman Speech
  • 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
  • 1:30 p.m. U.S. - FOMC Member Barr Speech
  • 2:00 p.m. U.S. - Federal Budget Balance
  • 9:30 p.m. China - CPI y/y, PPI y/y

Monday, May 13

  • 9:00 a.m. U.S. - FOMC Member Jefferson Speech, FOMC Member Mester Speech
  • All Day, Eurozone - Eurogroup Meetings

Paul Rejczak
Stock Trading Strategist