Daily Gold News: May 6 - Gold Advancing Above $2,300

Gold price reaches its recent highs, attempting to break a consolidation.

The gold futures contract lost 0.04% on Friday, May 3, as it further extended a consolidation despite the monthly jobs data and the usual volatility accompanying that release. Last Wednesday, the market didn’t react much to the FOMC Rate Decision and on Friday, it remained close to the $2,300 level.

Recently, gold was selling off from a new record high of $2,448.80 reached on April 12. On Friday, April 19, the yellow metal reached a local high of around $2,433 in a reaction stock market’s sell-off amid Middle East tensions, strong USD.

On February 14, gold was the lowest since mid-December, after breaking below local lows from January on the consumer inflation release. Since then, it gained over $400.

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

Daily Gold News: May 6 - Gold Advancing Above $2,300 - Image 1

The gold price is 0.9% higher, as it is trading along the $2,330 level. What about the other precious metals? Silver is 2.7% higher, platinum is 0.9% higher and palladium is 1.2% higher. So, the main precious metals’ prices are higher this morning.

Friday’s Nonfarm Payrolls release has been lower than expected at +175,000. Today, we won’t get any new important economic data. However, there will be speeches from the FOMC Members.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Monday, May 6

  • 12:50 p.m. U.S. - FOMC Member Barkin Speech
  • 1:00 p.m. U.S. - FOMC Member Williams Speech
  • Tentative, U.S. - Loan Officer Survey
  • All Day, U.K. - Bank Holiday

Tuesday, May 7

  • 12:30 a.m. Australia - Cash Rate, RBA Monetary Policy Statement, RBA Rate Statement
  • 3:00 p.m. U.S. - Consumer Credit m/m
  • Tentative, U.S. - RCM/TIPP Economic Optimism

Paul Rejczak
Stock Trading Strategist