Gold price extends Friday’s rally, nearing last week’s record high.
The gold futures contract gained 1.18% on Friday, August 23, as it retraced its Thursday’s decline of 1.2% on weaker U.S. dollar following the Fed Chair Powell’s speech at the Jackson Hole Symposium. On Thursday, gold pulled back from a new record high of $2,570.40 that was reached on Tuesday. Recently, it accelerated advances after breaking above the $2,500 level. On the previous Friday, gold rallied on weaker U.S. dollar, economic data. Earlier, gold rebounded from a local low of $2,403.80.
This morning, gold is extending its Friday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% higher, as it is trading along the $2,560 level. What about the other precious metals? Silver is 2.6% higher, platinum is 0.8% higher and palladium is unchanged. So, the main precious metals’ prices are higher this morning.
Today, we will get the Durable Goods Orders release at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, August 26
- 4:00 a.m. Eurozone - German ifo Business Climate
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
- All Day, U.K. - Bank Holiday
Tuesday, August 27
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index
- 9:30 p.m. Australia - CPI y/y
Paul Rejczak
Stock Trading Strategist