Daily Gold News: May 4 – Gold Price Extends Its Uptrend
Gold reached new medium-term high on banking crisis fears, Fed’s monetary policy release.
The gold futures contract gained 0.68% on Wednesday, May 3 as it extended its Tuesday’s breakout above the recent trading range following the FOMC Rate Decision release. Then gold price went even higher and it reached new medium-term high above the $2,070 level. The market reacted to renewed banking crisis fears.
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 previous local highs as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% higher this morning as it is trading along the $2,050 level. What about the other precious metals? Silver is 0.7% higher, platinum is unchanged and palladium is 0.4% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s ADP Non-Farm Employment Change release has been higher than expected at +296,000 and the ISM Services PMI release has been slightly higher than expected at 51.9. Ofcourse, the markets were the most volatile following the FOMC Rate Decision announcement at 2:00 p.m. and the Fed Chair Powell’s Press Conference at 2:30 p.m.
Today we will get the important ECB Rate Decision at 8:15 a.m. and the Unemployment Claims 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 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
Friday, May 5
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 1:00 p.m. U.S. - FOMC Member Cook Speech
- Tentative, U.S. - FOMC Financial Stability Report
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