Gold

Gold prices fell 0.5% to $1,980.78 per ounce on May 3 due to the strengthening of the US dollar ahead of an interest rate hike decision to be made later in the week by the Federal Reserve. Meanwhile, JPMorgan acquired a majority of assets and liabilities of First Republic Bank. "If we see a meaningful downturn in US economic data that expanded rate cut expectations for the back half of this year ...

The theft of $20 million in gold and other high-end items from Pearson International Airport was likely a well-planned professional job and if authorities don’t get the gold back quickly, it’s likely gone forever.

The gold market is clinging to $2,000 an ounce heading into the weekend; however, strong neutral sentiment in the marketplace suggests that the precious metal is in no hurry to go anywhere anytime soon.

Nicky Shiels, head of metals strategy at MKS PAMP, says if the Fed can’t do a good enough job in orchestrating a soft landing for the economy, gold prices could trade upwards of $2,500 an ounce.