Daily Gold News: May 12 – Gold Extends Its Short-Term Decline
The yellow metal is closer to $2,000 price level as U.S. dollar strengthens.
The gold futures contract lost 0.81% on Thursday, May 11 as it broke slightly below its recent local lows on strengthening U.S. dollar, among other factors. Last week on Thursday gold reached new medium-term high of $2,085.40 and on Friday it fell closer to the $2,000 level 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 extending its yesterday’s decline as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% lower this morning as it is trading along the $2,010 level. What about the other precious metals? Silver is 1.4% lower, platinum is 1.2% lower and palladium is 0.3% higher. So the main precious metals’ prices are lower this morning.
Yesterday’s Producer Price Index release has been slightly lower than expected at +0.2% m/m. Today we will get the Preliminary UoM Consumer Sentiment release at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Monday, May 15
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- 9:15 a.m. U.S. - FOMC Member Kashkari Speech
- 4:00 p.m. U.S. - TIC Long-Term Purchases
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