Daily Gold News: Wednesday, May 11 – Gold Price Bounces From New Low
Gold Price Recap
The gold futures contract lost 0.95% on Tuesday, May 10, as it extended its Monday’s decline of 1.3%. Gold was the lowest since mid-February yesterday. It retraced almost all of the February-March rally and got back closer to the $1,800 level on strengthening U.S. dollar, Fed’s monetary policy tightening fears. This morning the yellow metal is bouncing from the new local low, as we can see on the daily chart (the chart includes today’s intraday data):
Precious Metals Price Action
Gold is 0.7% higher this morning, as it is trading along the $1,850 level. What about the other precious metals? Silver is 2.6% higher, platinum is 2.8% higher and palladium is 1.2% lower. So the main precious metals’ prices are higher this morning.
Fundamentals and Economic News Schedule
Today at 8:30 a.m. we will get the important Consumer Price Index release. It is expected at +0.2% m/m.
The markets will continue to react to the ongoing Russia-Ukraine war news.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Wednesday, May 11
- 4:00 a.m. Eurozone – ECB President Lagarde Speech
- 8:30 a.m. U.S. – CPI m/m, Core CPI m/m
- 1:01 p.m. U.S. – 10-y Bond Auction
- 2:00 p.m. U.S. – Federal Budget Balance
- All Day – OPEC Meetings
Thursday, May 12
- 8:30 a.m. U.S. – PPI m/m, Core PPI m/m, Unemployment Claims
- 1:01 p.m. U.S. – 30-y Bond Auction
- 4:00 p.m. U.S. – FOMC Financial Stability Report
For a look at all of today’s economic events, check out our economic calendar.
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