27/05/2024: The Week Ahead in Gold & Silver Markets: 

27/05/2024: The Week Ahead in Gold & Silver Markets: 

Last Week’s Price Recap: 

Gold broke its two week consecutive move to the upside by falling lower last week. Price ultimately fell 3.34% to close the week at $2,334 per ounce. Silver also experienced a move lower, with price closing 3.61% to the downside at $30.36 per ounce.


As we navigate through another week in the financial markets, gold and silver investors are keenly eyeing a mix of economic indicators, central bank speeches, and geopolitical developments that could shape the precious metals landscape. Here’s a breakdown of the key events and their potential impact on gold and silver prices:

Tuesday, May 28th:

  •  U.S. Consumer Confidence:

The U.S. Consumer Confidence Index is expected to come in at 96.1, slightly down from the previous month’s 97. This index measures the level of confidence consumers have in the economy, with higher readings indicating greater consumer optimism and spending. A weaker-than-expected reading could signal consumer caution, potentially weighing on the USD. This might support gold and silver prices, as a weaker dollar makes precious metals cheaper for holders of other currencies. Conversely, if the index comes in stronger than expected, it could boost the USD, putting downward pressure on gold and silver.

Thursday, May 30th:

  • EU Consumer Confidence:

The EU Consumer Confidence Index is anticipated to rise slightly to -14.3 from -14.7. This gauge of sentiment among euro zone consumers can indicate stronger consumption expenditure, which boosts GDP. A better-than-expected reading is supportive for the EUR, which could weigh on gold and silver prices in euro terms. However, if the index disappoints, the euro could weaken, potentially lifting gold and silver prices.

  • U.S. GDP (Q1, Quarter-on-Quarter):

The preliminary release of U.S. GDP for Q1 is expected to show growth of 1.3%, down from the previous quarter’s 3.4%. A significant slowdown in GDP growth could heighten recession fears, increasing the appeal of gold and silver as safe havens. Conversely, if GDP growth exceeds expectations, it could bolster the USD and put downward pressure on precious metals.

  • U.S. Initial Jobless Claims:

Initial jobless claims are projected to come in at 218,000, slightly up from the previous week’s 215,000. An increase in jobless claims may indicate a weakening labor market, potentially supporting gold and silver prices. Conversely, if jobless claims are lower than expected, it could suggest labor market strength, which might weigh on precious metals.

Friday, May 31st:

  • EU CPI (Y-o-Y):

The EU CPI is expected to rise to 2.5% from the previous month’s 2.4%. Higher inflation can lead to expectations of tighter monetary policy, which may boost the EUR and pressure gold and silver prices. However, if the CPI comes in lower than expected, it could weaken the euro, potentially lifting gold and silver prices.

  • EU Core CPI (Y-o-Y):

Core CPI, which excludes volatile food and energy prices, is expected to remain steady at 2.7%. Steady core inflation supports the case for stable monetary policy. Any surprise in the data could influence the EUR and, by extension, gold and silver prices.

  • U.S. Core PCE Price Index (Month-on-Month):

The Core PCE Price Index is forecasted to come in at 0.2%, down from 0.3%. This measure of inflation is closely watched by the FED. A lower-than-expected reading could bolster hopes for dovish monetary policy, potentially supporting gold and silver. Conversely, a higher reading might weigh on precious metals as it could signal persistent inflation pressures.

  • U.S. Personal Spending (Month-on-Month):

Personal spending is expected to increase by 0.3%, down from 0.8%. Lower spending growth may signal consumer caution, potentially supporting gold and silver prices. If spending exceeds expectations, it could indicate economic resilience, possibly weighing on precious metals.

  • Central Bank Speeches Throughout the Week:

This week features multiple FED speakers, including FOMC Members Williams, Bowman, Mester, Kashkari, Bostic, FED Governor Cook, and SNB Board Member Jordan. Their comments will be closely watched for any hints on future monetary policy and interest rates. Dovish remarks suggesting rate cuts or sustained low rates could boost gold and silver prices, while hawkish comments indicating higher rates might pressure precious metals.


This week’s mix of consumer confidence indices, GDP data, inflation figures, and central bank speeches will provide crucial insights into the economic outlook and future monetary policy. Dovish commentary from central bank officials and weaker-than-expected economic data could lift gold and silver prices as investors anticipate lower interest rates. Conversely, signs of economic strength and hawkish tones from policymakers might weigh on precious metals. Stay tuned for our next update as we continue to monitor these developments and their impact on the gold and silver markets.