Daily Gold News: May 18 – Gold Price Remains Below $2,000

Gold extends its recent declines as U.S. dollar keeps advancing.

The gold futures contract lost 0.41% on Wednesday, May 17 as it extended its Tuesday’s decline of 1.5% on strengthening U.S. dollar, stock markets’ rally, among other factors. Recently gold price retreated from its May 4 new medium-term high of $2,085.40.

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 lower again as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: May 18 – Gold Price Remains Below $2,000 - Image 1

The gold price is 0.3% lower this morning as it is trading below the $1,980 level. It is the lowest since early April. What about the other precious metals? Silver is 1.1% lower, platinum is 0.1% lower and palladium is 1.0% lower. So the main precious metals’ prices are lower this morning.

Yesterday’s Building Permits and Housing Starts releases have been as expected. Today we will get the Unemployment Claims number 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 18

  • 5:15 a.m. U.K. - Monetary Policy Report Hearings
  • 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index
  • 9:05 a.m. U.S. - FOMC Member Jefferson Speech
  • 9:30 a.m. U.S. - FOMC Member Barr Speech
  • 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m, FOMC Member Logan Speech
  • 11:00 a.m. Canada - BOC Governor Macklem Speech
  • All Day, Eurozone - German Bank Holiday, French Bank Holiday

Friday, May 19

  • 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
  • 8:45 a.m. U.S. - FOMC Member Williams Speech
  • 9:00 a.m. U.S. - FOMC Member Bowman Speech
  • 11:00 a.m. U.S. - Fed Chair Powell Speech
  • 3:00 p.m. Eurozone - ECB President Lagarde Speech
  • All Day - G7 Meetings

Paul Rejczak
Stock Trading Strategist