Daily Gold News: May 31 – Gold Trading Sideways

Gold price extends a consolidation ahead of the important inflation data.

The gold futures contract gained 0.10% on Thursday, May 30, as it extended a short-term consolidation following the recent retreat. Last week, gold broke back below $2,400, and on Friday, it was trading near $2,325. 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 sideways, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: May 31 – Gold Trading Sideways - Image 1

The gold price is 0.1% lower, as it is trading above the $2,360 level again. What about the other precious metals? Silver is 0.2% lower, platinum is 0.7% higher and palladium is 0.1% lower. So, the main precious metals’ prices are slightly lower this morning.

Yesterday’s Preliminary GDP release has been higher than expected at +1.3% q/q. Today, we will get the important Core PCE Price Index 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).

Friday, May 31

  • 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
  • 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
  • 8:30 a.m. Canada - GDP m/m
  • 9:45 a.m. U.S. - Chicago PMI
  • 6:15 p.m. U.S. - FOMC Member Bostic Speech

Monday, June 3

  • 9:45 a.m. U.S. - Final Manufacturing PMI
  • 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices
  • All Day, U.S. - Wards Total Vehicle Sales

Paul Rejczak
Stock Trading Strategist