The gold price retreated from its Friday surge in trading yesterday, with markets eagerly anticipating inflation data.
On Monday, May 13, the gold futures contract saw a decline of 1.35%, reversing its 1.5% gain from Friday as it approached the $2,400 threshold. Last Thursday, gold surpassed recent highs amid advancing stock markets and a weakened U.S. dollar. Throughout the latter half of April, gold fluctuated around the $2,300 mark, with last week witnessing a continuation of its consolidation. Friday saw gold peaking at $2,358.30.
Gold has recently pulled back from its all-time high of $2,448.80 reached on April 12. On April 19, the precious metal reached approximately $2,433 following a stock market downturn amid tensions in the Middle East.
On February 14, gold hit its lowest point since mid-December after dropping below local lows from January following the release of consumer inflation data. Since then, it has surged by over $450.
As of this morning, gold is trading at a level similar to yesterday’s close, as indicated on the daily chart, which also includes today’s intraday data.
The gold price has risen by 0.3%, maintaining its position around the $2,350 mark. How are the other precious metals faring? Silver has seen a 0.6% increase, platinum is up by 0.7%, and palladium has surged by 1.0%. Consequently, prices for the major precious metals are on the rise this morning.
