Gold futures lost 0.56% last Friday, as it retraced some of the recent rally. The market has bounced off its mid-April local high. On April 14 it was the highest since November of 2012 and the daily high was at $1,788.80. Since then we've seen some profit-taking action and a potential downward reversal. But gold began acting as a s asset again. It rallied last week and got closer to the mentioned medium-term high.
Gold dropped 0.6% Monday morning, as it retraced more of the recent advances.
What about the other precious metals? Silver has lost 0.6% on Friday and today is unchanged. Platinum lost 1.80% on Friday and today is down 0.5%. Palladium lost 0.8% on Friday and today it is gaining 1.6%. Precious metals extended their short-term consolidation Monday.
The recent economic data releases have revealed more coronavirus damage to the economy. In the coming days we will get series of news announcements, including Wednesday's FOMC Rate Decision and Monetary Policy update.