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):

Daily Gold News: May 12 – Gold Extends Its Short-Term Decline - Image 1

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

Paul Rejczak
Stock Trading Strategist