Gold extends a consolidation along the $2,550 level, remaining near its record high.
The gold futures contract lost 0.59% on Wednesday, August 28, as it extended a consolidation along 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 its yesterday’s decline, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.7% higher, as it is trading above the $2,550 level. What about the other precious metals? Silver is 1.0% higher, platinum is 0.8% higher and palladium is 1.1% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the U.S. Preliminary GDP and Unemployment Claims releases 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, 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
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
Paul Rejczak
Stock Trading Strategist