Daily Gold News: May 11 – Gold Price Remains Below $2,050
Gold extends its consolidation despite series of economic data releases.
The gold futures contract lost 0.28% on Wednesday, May 10 as it continued to trade within a short-term consolidation below the $2,050 price level. On Tuesday the market retraced more of the Friday’s decline of 1.5%. Last week 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 along its yesterday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged this morning as it’s trading slightly below the $2,040 level again. What about the other precious metals? Silver is 1.8% lower, platinum is 1.4% lower and palladium is 1.6% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s important Consumer Price Index release has been slightly lower than expected at 4.9% y/y. It led to a volatility on the markets but gold price went sideways. Today we will get the Producer Price Index release at 8:30 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).
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
Friday, May 12
- 2:00 a.m. U.K. - GDP m/m, Preliminary GDP q/q
- 3:00 a.m. U.S. - FOMC Member Bowman Speech
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 7:45 p.m. U.S. - FOMC Member Jefferson Speech
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