Gold price was little changed despite the FOMC, investors eying more economic data.
The gold futures contract gained 0.35% on Wednesday, May 1, as it fluctuated following its Tuesday’s decline of 2.3%. The market didn’t react much to the FOMC Rate Decision and the Press Conference yesterday.
Recently, gold was selling off from a new record high of $2,448.80 reached on April 12. On previous Friday, 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 along yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged, as it is trading slightly above the $2,300 level. What about the other precious metals? Silver is 0.8% lower, platinum is 0.3% lower and palladium is 1.4% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s ADP Non-Farm Employment Change release has been higher than expected at +192,000, and the ISM Manufacturing PMI release has been lower than expected at 49.2. Today, we will get the Unemployment Claims number 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 2
- 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. Canada - BOC Governor Macklem Speech
- 10:00 a.m. U.S. - Factory Orders m/m
- All Day, Japan – Bank Holiday
- All Day, China – Bank Holiday
Friday, May 3
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
- 7:45 p.m. U.S. - FOMC Member Williams Speech
Paul Rejczak
Stock Trading Strategist