Gold price retreated from highs following Consumer Price Index release.
The gold futures contract lost 0.59% on Wednesday, April 10, as it retraced some of its recent rally after a higher-than-expected consumer inflation release. On Tuesday, gold reached a new record high of $2,384.50, and yesterday, it traded as low as $2,337.10.
On February 14, gold was the lowest since mid-December, after breaking below local lows from January on the consumer inflation release. Since then, it gained almost $400.
This morning gold is rebounding slightly, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price 0.3% higher, as it is trading above the $2,350 level. What about the other precious metals? Silver is 0.2% higher, platinum is 0.3% higher and palladium is 0.6% higher. So, the main precious metals’ prices are slightly higher this morning.
Yesterday’s Consumer Price Index release has been higher than expected at +0.4% m/m and +3.5% y/y. Today, we will get the important Producer Price Index number at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, April 11
- 8:15 a.m. U.S. - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 8:45 a.m. U.S. - FOMC Member Williams Speech
- 8:45 a.m. Eurozone - ECB Press Conference
- 1:01 p.m. U.S. - 30-y Bond Auction
- All Day, Eurozone - Eurogroup Meetings
Friday, April 12
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - Import Prices m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- All Day, Eurozone - ECOFIN Meetings
Paul Rejczak
Stock Trading Strategist