Gold

Although gold pricing closed higher on the day and above yesterday’s open, prices still declined for the week. However, one key element in the trading range created this week was the low. Gold futures traded to a low of approximately $1267 per ounce, which matches within a few dollars to last week’s lows.

As far as many precious metal traders are concerned the lack of any mention of an interest rate reduction in yesterday’s FOMC statement or Chairman Powell’s press conference left them feeling that “you can’t always get what you want”. Apparently, it was the U.S. economy that instead “got what it needed” with the data revealing a robust first quarter GDP at 3.2%.

The May FOMC meeting has concluded today and as anticipated the Federal Reserve has left interest rates alone.

Today marks the first day of the Federal Open Market Committee meeting otherwise known as the FOMC, which will conclude on Wednesday. As with all FOMC meetings it is the release of the statement as well as a press conference held by Fed Chairman Jerome Powell that traders and market participants will anxiously await.

Losses across the board in the precious metals today. There was a wide range in the amount lost individual were as gold gave up 0.5% palladium lost a whopping 6% where gold and platinum have given up some of the gains achieved on Friday and palladium and silver giving up more than Friday’s gains.