- Gold prices recorded a significant rise on global stock markets last week, supported by the momentum resulting from weak US jobs data this week, data that strengthened expectations that the US Federal Reserve would reduce interest rates.
- The precious metal rose in spot transactions by 2.55%, reaching $2,360.50 per ounce, and futures prices for June delivery also rose by 2.9%, reaching $2,375 per ounce.
- Data showed that the number of Americans who filed new applications for unemployment benefits increased more than expected last week.
- Investors are now awaiting the Producer Price Index and Consumer Price Index data in the United States next week, and the data of both indexes may affect the prices of gold and silver.
- Data from the University of Michigan revealed that the Consumer Confidence Index decreased by 12.7% on a monthly basis to 67.4 points in the initial reading for May, compared to expectations of 76.3 points, while the Current Economic Situation Index declined by 12.9% on a monthly basis at 68.8 points.
