On CME, gold prices underwent a series of peaks and troughs during the last week of April and throughout the month of May, 2015. Gold prices dropped 4.3%, on May 1 before climbing to peak at 1227 USD/Toz on May 18.
Gold fell 1.7% on May 19, its biggest one-day drop in May, after a hint that the Federal Reserve may raise interest rates this year. That would lift the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced. (Reuters)
Gold steadied on May 20, 2015 off the previous day’s two-week low as the dollar retreated after its biggest daily rise in two years, to settle at 1187 USD/Toz on May 26, 22 USD/Toz below its seven-day moving average of 1209 USD/Toz but remained under pressure from expectations that a US rate increase may be nearing. The metal has held within a 1227-1174 USD/Toz range for most of the last month.
Silver peaked at 17.71 USD/Toz on May 18 despite May 26’s 2.4% drop to settle at 16.73 USD/Toz, 0.44 USD/Toz below its seven-day moving average of 17.182 USD/Toz, and up 3.2 % since the end of April.