Daily Gold News: May 28 – Gold Price Remains Near $2,350

Gold fluctuates following a last week’s retreat; Consumer Confidence release in focus.

The gold futures contract gained 0.77% on Monday, May 27, as it retraced some of its recent declines despite a quiet trading day in the markets amid the long holiday weekend in the U.S. Last week, gold broke back below the $2,400 level, and on Friday, it was as low as $2,326.30. The market reacted to a stronger U.S. dollar and stock market pulling back. Last Monday, gold reached a new record high of $2,454.20.

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

This morning, gold is trading lower, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: May 28 – Gold Price Remains Near $2,350 - Image 1

The gold price is 0.3% lower, as it is trading below the $2,350 level. What about the other precious metals? Silver is 0.2% lower, platinum is 0.9% lower and palladium is 1.8% lower. So, the main precious metals’ prices are lower this morning.

Today, the markets will be waiting for the important CB Consumer Confidence release 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).

Tuesday, May 28

  • 12:55 a.m. U.S. - FOMC Member Bowman Speech, FOMC Member Mester Speech
  • 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
  • 10:00 a.m. U.S. - CB Consumer Confidence
  • 1:05 p.m. U.S. - FOMC Member Cook Speech
  • 9:30 p.m. Australia - CPI y/y

Wednesday, May 29

  • 10:00 a.m. U.S. - Richmond Manufacturing Index
  • 1:45 p.m. U.S. - FOMC Member Williams Speech
  • 2:00 p.m. U.S. - Beige Book
  • 7:00 p.m. U.S. - FOMC Member Bostic Speech
  • All Day, Eurozone - German Preliminary CPI m/m

Paul Rejczak
Stock Trading Strategist