Daily Gold News: Wednesday, May 20 – Precious Metals Higher but Gold Unchanged

The gold futures contract gained 0.65% on Tuesday as it retraced some of Monday’s decline from new monthly high of $1,775.80. On Monday it has retraced almost all of its month-long decline from April 14 high of $1,788.80. The market has reversed its short-term uptrend, as it fell below Friday’s daily trading range. Today, gold is trading along yesterday’s daily closing price.

Gold is 0.1% lower today. Meanwhile, global financial markets continue to hover along their local highs. What about the other precious metals?: Silver gained 2.48% yesterday and today it is 0.4% higher. Platinum gained 2.43% and today it is 3.4% higher. Palladium gained 2.35% and today it is gaining another 3.8%. So precious metals other than gold are extending their short-term uptrend this morning.

The recent economic data releases have been confirming coronavirus damage to the U.S. economy. Yesterday’s U.S. Building Permits/ Housing Starts number have been as expected but lower than the previous ones. The Fed Chair Powell Testimony hasn’t been a real game-changer for the markets yesterday. Today we will get the FOMC Meeting Minutes release at 2:00 p.m. Take a look at our Monday’s Market News Report to find out about this week’s economic data announements.

Here’s Gold, Silver, and Mining Stocks economic news schedule for today:

• 2:00 p.m. U.S. – FOMC Meeting Minutes
• 10:30 p.m. Australia – RBA Governor Lowe Speech

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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

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