Daily Gold News: Friday, May 13 – Gold Falls to New Lows

Gold Price Recap

The gold futures contract lost 1.57% on Thursday, May 12, following its Wednesday’s gain of 0.7%, as it extended the downtrend. It retraced almost all of the February-March rally and got back closer to the $1,800 level on strengthening U.S. dollar, Fed’s monetary policy tightening fears. This morning yellow metal is trading the lowest since mid-February and it is trading below the $1,825 level, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.2% lower this morning, as it is trading within a relatively narrow trading range. What about the other precious metals? Silver is 0.8% higher, platinum is 1.4% higher and palladium is 1.7% higher. So the main precious metals’ prices are mixed this morning.

Fundamentals and Economic News Schedule

Yesterday’s Producer Price Index release has been as expected at +0.5% m/m. Today we will get the Michigan Sentiment release, 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, May 13

  • 8:30 a.m. U.S. – Import Prices m/m
  • 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
  • 12:00 p.m. U.S. – FOMC Member Mester Speech

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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