Gold price remains above $2,500 as markets await the important CPI release.
The gold futures contract gained 0.15% on Tuesday, August 12, as it slightly extended its Monday’s gain of 1.2%, 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 consumer inflation data, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% higher, as it is trading above the $2,500 level. What about the other precious metals? Silver is 0.7% higher, platinum is 0.3% higher and palladium is 1.2% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Producer Price Index release has been slightly lower than expected at +0.1% month over month. Today, we will get the important Consumer Price Index number at 8:30 a.m. The release will likely lead to volatility on the markets.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, August 15
- 2:00 a.m. U.K. - GDP m/m, Preliminary GDP q/q
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims, Empire State Manufacturing Index, Philly Fed Manufacturing Index, Import Prices m/m
- 9:10 a.m. U.S. - FOMC Member Musalem Speech
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 1:10 p.m. U.S. - FOMC Member Harker Speech
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 7:30 p.m. Australia - RBA Governor Bullock Speech
- Tentative, U.S. - Mortgage Delinquencies
- All Day, Eurozone - French Bank Holiday, Italian Bank Holiday
Paul Rejczak
Stock Trading Strategist