Gold price remains near the $2,550 level; Core PCI Price Index data in focus.
The gold futures contract gained 0.89% on Thursday, August 29, as it further extended a consolidation along the $2,550 level despite important GDP and Unemployment Claims releases. 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 still trading within a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% lower, as it is trading near the $2,550 level. What about the other precious metals? Silver is 0.4% lower, platinum is 0.1% higher and palladium is 0.5% higher. So, the main precious metals’ prices are lower this morning.
Yesterday’s U.S. Preliminary GDP release has been higher than expected at +3.0% q/q. Today, we will get the important Core PCE Price Index 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).
- 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
Monday, September 2
- All Day, Canada – Bank Holiday
- All Day, U.S. – Bank Holiday
Paul Rejczak
Stock Trading Strategist