Daily Gold News: Friday, Apr. 29 – Gold Price Gains On Weakening Dollar

Gold Price Recap

The gold futures contract gained 0.14% on Thursday, Apr. 28, following its Wednesday’s decline of 0.8%, as it fluctuated after breaking below the $1,900 level. The market was reacting to the strenghtening U.S. dollar, Fed’s monetary policy tightening plans, among other factors. This morning the yellow metal is above the $1,900 level again following weakening U.S. dollar, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 1.1% higher this morning, as it is trading above the $1,900 level. What about the other precious metals? Silver is 1.2% higher, platinum is 1.3% higher and palladium is 2.2% higher. So the main precious metals’ prices are higher this morning.

Gold Fundamental Analysis and Economic News Schedule

Yesterday’s important Advance GDP release has been much worse than expected at -1.4% q/q. Today we will get the Core PCE Price Index release at 8:30 a.m., among others.

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 today.

Friday, April 29

  • 8:30 a.m. U.S. – Core PCE Price Index m/m, Employment Cost Index q/q, Personal Income m/m, Personal Spending m/m
  • 9:45 a.m. U.S. – Chicago PMI
  • 10:00 a.m. U.S. – Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations

For a look at all of today’s economic events, check out our economic calendar.

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

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