The gold futures lost 1.25% on Monday after reaching a new monthly high of $1,775.80. It has retraced almost all of its month-long decline from April’s high. On April 14 it was the highest since November of 2012 and the high was at $1,788.80. The market has reversed its short-term uptrend yesterday, as it fell below Friday’s daily trading range. Today, gold is trading along its Monday’s daily lows.
Gold is 0.1% higher today, as it trades along yesterday’s closing price. Meanwhile, the global financial markets continue to hover along their local highs this morning.
What about the other precious metals?
Silver gained 2.33% on Monday and today it is 0.7% higher.
Platinum gained 6.39% and today it is 1.6% higher.
Palladium gained 9.11% and today it is gaining another 2.3%.
The recent economic data releases have been confirming coronavirus damage to the U.S.
economy. However, today we’ve got better-than-expected German ZEW Economic Sentiment number. The U.S. Building Permits/ Housing Starts number have been as expected, but lower than the previous ones.