Gold extends a short-trerm consolidation ahead of the employment data.
The gold futures contract lost 0.08% on Wednesday, May 8, as it went sideways again and extended a consolidation above the $2,300 level. Last Friday, the yellow metal didn’t do much despite the monthly jobs data and the usual volatility accompanying that release. Last Wednesday, the market didn’t react to the FOMC Rate Decision.
Recently, gold was selling off from a new record high of $2,448.80 reached on April 12. On Friday, April 19, 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.
Back on February 14, the price of gold dropped to its lowest point since mid-December. This happened after it fell below the lowest prices we had seen in January when new information about consumer inflation came out. But since then, gold has been bouncing back. It’s gained over $450 in value.
Today, gold is still in a phase where its price is not moving much. We can see this on the daily chart, which shows us how the price changes throughout the day.
The price of gold has dipped by 0.1%, hovering around the $2,320 mark once more. Meanwhile, other precious metals are showing different trends: silver has risen by 1.1%, platinum by 0.5%, and palladium has dropped by 0.4%. This means that the prices of the main precious metals are showing a mix of movements this morning.
Yesterday’s Wholesale Inventories release matched expectations at -0.4% month-over-month. Today, we’re anticipating the Unemployment Claims number, among other data points, which will be released at 8:30 a.m.
