Overnight the price of Gold in Asia and Europe traded in just a four-dollar trading range as no new news emerges to move the price in either direction.
All markets will continue to focus on geopolitical events (especially Brexit news), developments with the Trump Administration (especially on US-China trade and potential legal issues), Q1 corporate earnings and oil prices.
At 2 p.m. EDT today, the Federal Reserve will release the minutes from its last meeting. They have held interest rates steady at 2.25% to 2.50% and noted that inflation was running below its target of 2%.
Fed Chairman Jerome Powell’s comments during his most recent press conference said that some “transitory” factors could be impacting inflation. Investors didn’t like that comment and sent the markets lower.
Investors will be looking at the minutes released today for additional clues as to what Powell could have meant when he alluded to transitory factors.
In other news, in April Russia added another 15.6 tons of gold to their reserves.
Palladium’s price premium to platinum has narrowed to $510 per ounce from over $720 per ounce in mid-March.
CME Silver warehouse stock inventories have leveled off at 306 million ounces as refiners are finding other ways to sell their outturned material.