Commodity traders stay bullish as Gold adds $2.3 or 0.12%

Published: May 27 2023, 02:46 GMT+0

Commodity traders stay bullish as Gold adds $2.3 or 0.12%

A quick look at yesterday: after ending Thursday at $1,943.7, Gold went up to $1,957 only to drop back, yet still traded well overall and closed at $1,946 per ounce yesterday.

This move comes while some more positive signs for Gold are out as United States Core Durable Goods Orders published yesterday at 12:30 UTC came out at -0.2%, falling short of the 0% projections and continuing its decline from the previous 0.3% figure.

At the same time, United States Core PCE Price Index (MoM) (Apr) came out at 0.4, while a consensus of analysts was expecting 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 193,100, while the previous figure was 191,500.

This rally in CME Gold's price coincides with other Metals as Copper rallies 2.33% yesterday and closed at $3.59. Silver jumps 2.34% yesterday and closed at $22.91.

Having soared to a high of $2,058.7 approximately 23 days ago, Gold is now trading 5.59% lower.