Gold price neared its record high level as invesors await inflation data.
The gold futures contract gained 1.24% on Monday, August 12, as it extended a short-term uptrend, nearing its August 2 record high of $2,522.50. The market retraced almost all of the recent declines on improving investor sentiment, gaining stocks. Last Monday, gold rebounded from a local low of $2,403.80. On the previous week, it fluctuated after reaching a new record high.
This morning, gold is trading sideways ahead of the producer inflation data, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower, as it is trading along the $2,500 level. What about the other precious metals? Silver is 0.8% lower, platinum is 1.0% lower and palladium is 0.2% lower. So, the main precious metals’ prices are mixed this morning.
Today, we will get the important Producer Price Index release at 8:30 a.m., among others. The market will be also waiting for the CPI announcement tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, August 13
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 1:15 p.m. U.S. - FOMC Member Bostic Speaks
Wednesday, August 14
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 9:30 p.m. Australia - Employment Change, Unemployment Rate
- 10:00 p.m. China - Industrial Production y/y, Retail Sales y/y
Paul Rejczak
Stock Trading Strategist