Daily Market Review – May, 12

Posted on Categories Daily market reviewTags , , Author

Gold Spot Price today increased to $1,233.20 (+0.45%) per ounce, Silver Price $16.54 (+0.66%), Platinum Price $924.80 (+0.21%), Palladium Price $809.50 (+0.40%), Dow Jones index 20894.24 (0.13% decrease).

U.S. Dollar vs Precious metals

US Dollar came under pressure on Friday morning trading, because of the disappointing reports on the American economy. Economic data on US inflation and retail sales for April let down Wall Street expectations. In addition to the dollar weakness, investors were also trading US treasuries, sending yields lower. The markets will be looking for today’s Consumer Price Index Data. Gold prices moved higher on Friday because the recent political events in the U.S. continued to weigh down the US Dollar and boost demand for safe-haven assets like yellow metal. Silver price slightly increased, platinum and palladium prices are also higher.

Stock Market Today

U.S. stocks on Friday opened lower S&P 500 2390.93 (-0.15%) and NASDAQ Index 6117.39 (+0.03%), Dow Jones Industrial Average 20894.24 (-0.13%).

The major U.S. Index futures are trading lower opening on Friday following the release of a Commerce Department showing weaker than expected retail sales growth in April. The US policy uncertainty and weekly news from the new Trump Administration weigh down market stocks, which saw notable weakness in the previous session following news  from the President Trump  about ex-FBI chief. All these events could lead to major disruption to the market. Market attention is also focused on Eurozone data release next week, when  Italian and Eurozone growth figures for the first quarter will be released.  Experts hope to get a clearer picture of US President Donald Trump’s direction on important policies that he has yet to specify.

Economic data for today: Consumer Price Index, Retail Sales, Consumer sentiment.

Leave a Reply

Your email address will not be published. Required fields are marked *