Daily Gold News: May 8 – Gold Price Fell Back Below $2,050
Gold retraced its rally after jobs data release; the market is back within a consolidation.
The gold futures contract lost 1.50% on Friday, May 5 as it retraced its Thursday’s rally following monthly jobs data release. On Thursday gold reached new medium-term high of $2,085.40 and on Friday it traded as low as $2,007. So the market went back to the month-long trading range.
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 slightly above its Friday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher this morning as it is trading along the $2,030 level. What about the other precious metals? Silver is 0.3% lower, platinum is 1.3% higher and palladium is 1.9% higher. So the main precious metals’ prices are mixed this morning.
Friday’s Nonfarm Payrolls release has been higher than expected at +253,000 and the Unemployment Rate number has been lower than expected at 3.4%. That led to a rally in stocks and decline in gold price. Today we will get the Final Wholesale Inventories release at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, May 8
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 2:00 p.m. U.S. - Loan Officer Survey
- All Day, Eurozone - French Bank Holiday
- All Day, U.K. - Bank Holiday
Tuesday, May 9
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - FOMC Member Jefferson Speech
- 12:05 a.m. U.S. - FOMC Member Williams Speech
- Tentative, U.S. - IBD/TIPP Economic Optimism
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