Gold prices surged following the release of the CPI data, inching close to the $2,400 mark today.
On Wednesday, May 15, the gold futures contract saw a 1.48% increase, breaking through recent trading ranges after the CPI data came in below expectations. Yesterday, gold hit a fresh local high and approached $2,400.
After hitting a new record high of $2,448.80 on April 12, gold experienced a pullback in mid-April. However, on April 19, amidst tensions in the Middle East and a stock market sell-off, it reached a local high near $2,433.
February 14 saw gold at its lowest point since mid-December, driven by a consumer inflation release that pushed it below local lows from January. Since then, it has climbed over $450.
As of this morning, gold is trading around yesterday’s closing price, maintaining its position on the daily chart, including intraday data.
Gold is currently trading near the $2,390 level, showing a slight decrease of 0.2%. Meanwhile, silver has risen by 0.8%, platinum by 0.9%, and palladium by 0.4%, resulting in a mixed trend among the main precious metals this morning.
The price of gold has dipped by 0.2%, hovering around the $2,390 mark, while silver, platinum, and palladium have all seen increases of 0.8%, 0.9%, and 0.4% respectively. This morning’s precious metals market displays a blend of upward and downward movements.
Gold is currently maintaining near the $2,390 level, experiencing a marginal 0.2% decline. Conversely, silver, platinum, and palladium have all witnessed gains of 0.8%, 0.9%, and 0.4% respectively. This indicates a varied performance among the primary precious metals today.
Regarding economic indicators, yesterday’s release of the Consumer Price Index showed a lower-than-expected increase of 0.3% month-on-month, while Retail Sales remained stagnant at 0.0% month-on-month. Today, at 8:30 a.m., the market anticipates the release of Unemployment Claims and the Philly Fed Manufacturing Index, among other data points.
