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While today's economic report slate is benign, data in subsequent sessions will likely produce significant reactions in gold and silver with China releasing import and export figures tonight and the US releasing key inflation readings later in the week.

Overnight China apparently raised its gold holdings by 8.09 tons last month, resulting in October through April gold reserve additions of 120 tons. The overall Chinese gold reserves are pegged at 2,076 tons, but we suggest that number is an unsubstantiated figure likely to be strategically understated by the Chinese central bank.

Last week gold ETF holdings increased by 138,847 ounces but remained down 0.2% on the year. On the other hand, silver ETFs reduced their holdings by 1.2 million ounces last week with year-to-date gains in silver holdings of 0.2%...[MORE]

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May 8 (Reuters) - Gold prices ticked up on Monday as the dollar eased and economic risks prevailed, while investors prepared for U.S. inflation data to gauge the Federal Reserve's policy path.

Spot gold were up 0.3% to $2,023.12 per ounce as of 1028 GMT. U.S. gold futures rose 0.3% to $2,030.70...[LINK]

Good morning. The #preciousmetals are mostly higher in early U.S. trading.

U.S. calendar features Wholesale Sales (+0.4% exp).

UK markets closed for the coronation bank holiday.

Apparently, an avalanche of very disappointing global economic data overnight has not provided economic uncertainty flight to quality buying of gold early on and perhaps more importantly has not sparked long interest in the US dollar.

Perhaps the gold and silver trade is seeing growing #recession fear and expectations of further slowing of physical demand.

Yesterday's bearishness is also accentuated by World Gold Council predictions of softening Indian gold demand in both the June and September quarters...[MORE]

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May 5 (Reuters) - Gold prices fell from near-record highs on Friday as investors waited for more economic cues, but banking woes and hopes for a pause in U.S. rate hikes kept safe-haven bullion on course for its best week in nearly two months.

Spot gold fell 0.7% to $2,036.74 per ounce by 1138 GMT, which some analysts termed a "consolidation", but was up 2.3% for the week. U.S. gold futures shed 0.5% to $2,045.90...[LINK]

Good morning. The precious metals are mixed in early U.S. trading.

U.S. calendar features Nonfarm Payrolls (+240k exp), Consumer Credit, #FedSpeak from Bullard.

In our opinion, the gold market has probably forged an intermediate top with a major blowoff range-up reversal overnight. In other words, optimism about the potential for an end to the US rate hike cycle has been embraced and perhaps overdone.

From a fundamental perspective, Indian gold prices posted a record high overnight and in the past Indians have been very price conscious which in turn could result in a near-term demand void.

However, the gold market should be supported by another inflow to gold ETF holdings of 24,688 ounces yesterday as that narrows the year-to-date decline in holdings to only 0.2%...[MORE]

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May 4 (Reuters) - Gold prices steadied on Thursday after accelerating to a near-record high as the U.S. Federal Reserve signalled its rate hiking run might finally have hit a pause, with elevated economic risks seen fuelling robust demand for safe-haven bullion.

Spot gold ticked up 0.2% to $2,042.43 per ounce by 1145 GMT after climbing earlier to $2,072.19, just shy of a record high of $2,072.49 touched in 2020...[LINK]

With the dollar forging a 3-day low early today the gold trade looks to have a modest cushion against the prospects of selling from official confirmation of a US rate hike later today.

At times yesterday, gold and silver prices diverged, with gold remaining consistently in favor in a possible sign of the entrenched flight to quality interest from both economic and political uncertainty.

In fact, news that Iran has seized an oil tanker in the Straits of Hormuz adds an additional measure of political uncertainty to the gold trade today...[MORE]

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