Daily Gold News: May 3 – Gold Is Above $2,000 Again, Fed In Focus
Gold price broke above the $2,000 level on banking crisis fears; today it’s all about the Fed.
The gold futures contract gained 1.56% on Tuesday, May 2 as it broke above its recent trading range on renewed banking crisis fears, among other factors. The market got back above the $2,000 pricve level. In mid-April the yellow metal retreated from its April 13 local high of $2,063.40. In early April it kept advancing on U.S. dollar weakness, stock markets’ rally. There is still a lot of uncertainty following the banking crisis, Fed’s interest rate hikes.
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 is trading above the $2,020 level. What about the other precious metals? Silver is 0.5% lower, platinum is 0.4% higher and palladium is 0.5% higher. So the main precious metals’ prices are mixed this morning.
Yesterday’s JOLTS Job Openings release has been lower than expected at 9.59 million. Today we will get the important ADP Non-Farm Employment Change and ISM Services PMI releases, but the markets will be waiting for the FOMC Rate Decision announcement at 2:00 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, May 3
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
- 2:00 p.m. U.S. - FOMC Statement, Federal Funds Rate
- 2:30 p.m. U.S. - FOMC Press Conference
- All Day, Japan - Bank Holiday
Thursday, May 4
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q, Trade Balance
- 8:45 a.m. Eurozone - ECB Press Conference
- 10:00 a.m. Canada - Ivey PMI
- 12:50 a.m. Canada - BOC Governor Macklem Speech
- 9:30 p.m. Australia - RBA Monetary Policy Statement
- All Day, Japan - BOC Governor Macklem Speaks
Stock Trading Strategist