Gold is trading near the $2,700 level as markets brace for tomorrow’s CPI.
The gold futures contract gained 0.99% on Monday, December 9, as it broke above the recent trading range following Friday’s employment data, among other factors. The market neared the $2,700 price level yesterday. Last week, it continued to fluctuate following its late November rebound.
On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections. Gold extended its decline from the October 29 record high of $2,801.80, reaching a local low of $2,541.50. In October, the yellow metal kept gaining amid strengthening U.S. dollar, geopolitical tensions, among others.
This morning, gold is nearing its yesterday’s high, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% higher, as it is trading along the $2,700 level. What about the other precious metals? Silver is 0.1% lower, platinum is 0.2% higher and palladium is 0.4% lower. So, the main precious metals’ prices are mixed this morning.
Today, we will get the Nonfarm Productivity number at 8:30 a.m., among others. The markets will be waiting for the important Consumer Price Index release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, December 10
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
- All Day, Eurozone - ECOFIN Meetings
- All Day - OPEC Meetings
Wednesday, December 11
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 9:45 a.m. Canada - BOC Rate Statement, Overnight Rate
- 10:30 a.m. Canada - BOC Press Conference
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
- 7:30 p.m. Australia - Employment Change, Unemployment Rate
Paul Rejczak
Stock Trading Strategist