Gold Spot Price today increased to $1,236.00 (+0.34%) per ounce, Silver Price $16.79 (+1.13%), Platinum Price $940.20 (+1.06%), Palladium Price $814.15 (+0.32%), Dow Jones index 20968.90 (0.35% increase).
Here is a new week after President Trump fired FBI Director James Comey and his administration offered differing rationales for the move. Now there is a significant expectations about even more staff shakeup. Our daily market review will bring you all needed news for making well-thought investment decisions during the next 5 days.
U.S. Dollar vs Precious metals
U.S. Dollar slipped on Monday, losing ground against so-called commodity currencies.The greenback also lost ground against other major currencies, including the euro. The dollar also suffered against the rising oil prices. Gold price rises up Monday as weaker-than-expected economic data and US Dollar start this week. Traders are expecting an almost 100 per cent probability of an interest rate increase in June, that could affect the yellow metal price. Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion while boosting the dollar, in which it is priced. Among the other precious metals: Silver is up around 16.00 per ounce, platinum climbed over 1%, palladium also rose.
Stock Market Today
U.S. stocks on Monday opened higher S&P 500 2401.61 (+0.45%) and NASDAQ Index 6144.91 (+0.38%), Dow Jones Industrial Average 20968.90 (+0.35%).
The two key economic numbers –IIP and inflation – which were released last week are likely to have an influence on the domestic stock market this week. US data on Friday showed a smaller-than-expected 0.4% increase in April retail sales from the previous month, while a disappointing report on consumer prices raised concerns about the retail sector and the broader economy.
What to watch in the market in the week ahead?
This week, the economic calendar is almost barren, with only a few pieces of housing market data worth noting early on. The political schedule, as always, unpredictable, but markets have more or less moved on.
The White House focused on the potential staff shakeup after fired James Corney. The main concern to White House staffing changes continues to be what it always has been — who are the replacements?
Additional geopolitical news: North Korea said on Monday it had successfully conducted a newly developed mid-to-long range missile test on Sunday, and pointed at verifying the capability to carry a “large scale heavy nuclear warhead.”
Economic data for this week: Empire State Index (Monday), Industrial production (Tuesday), Wednesday-No major economic data, Weekly jobless claims, Philly FED Index (Thursday), Advance services report (Friday).