Gold pulls back from the record high again, trading below $2,550.
The gold futures contract lost 0.09% on Tuesday, August 27, as it extended a short-term consolidation around the $2,550 level. On Monday, it approached its last Tuesday’s record high of $2,570.40. Last Friday, gold rebounded on weaker U.S. dollar following the Fed Chair Powell’s speech at the Jackson Hole Symposium.
This morning, gold is retracing some of the recent advances, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% lower, as it is trading below the $2,550 level again. What about the other precious metals? Silver is 1.8% lower, platinum is 2.4% lower and palladium is 1.6% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s CB Consumer Confidence release has been higher than expected at 103.3. Today, we will get speeches from the FOMC Members. The markets will be waiting for the U.S. GDP and Unemployment Claims data tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, August 28
- 1:15 a.m. U.S. - FOMC Member Waller Speech
- 6:00 p.m. U.S. - FOMC Member Bostic Speech
Thursday, August 29
- 8:30 a.m. U.S. - Preliminary GDP q/q, Unemployment Claims, Preliminary GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 3:30 p.m. U.S. - FOMC Member Bostic Speech
- 7:30 p.m. Japan - Tokyo Core CPI y/y
- 9:30 p.m. Australia - Retail Sales m/m
- All Day, Eurozone - German Preliminary CPI m/m
Paul Rejczak
Stock Trading Strategist