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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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May 3 (Reuters) - Gold firmed well above the $2,000 level on Wednesday, buoyed by uncertainty surrounding the U.S. debt ceiling and other economic headwinds, while investors braced themselves for the Federal Reserve's monetary policy decision.

Spot gold was little changed fell 0.06 % to $2,014.97 per ounce by 1135 GMT, after rising more than 1% on Tuesday...[LINK]

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

U.S. calendar features ADP Employment Survey, Services PMI & ISM, EIA Data, #FOMC Policy Statement (+25bps exp).

The gold market is showing very little direction this morning and is also exhibiting very little in the way of volatility. That is likely to change within the next 36 hours with the Fed decision tomorrow expected to set a near-term trend for prices.

However, we think the silver market will diverge from gold with classic physical commodity market fundamentals driving silver prices.

Unfortunately for the bull camp in gold, the dollar index appears to be poised to break out to the upside of a 3-week sideways consolidation pattern today perhaps because of signs of negotiating in Washington to avoid a government shutdown...[MORE]

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