Gold is extending its short-term uptrend as markets await key consumer inflation data.
The gold futures contract gained 1.21% on Tuesday, December 10, as it extended its Monday’s gain of 1.0%. On Monday, the market broke above the recent trading range following Friday’s employment data, among other factors. The market reached the $2,720 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 extending the advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher, as it is trading along the $2,730 level. What about the other precious metals? Silver is 0.3% lower, platinum is 0.2% lower and palladium is 0.4% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Nonfarm Productivity release has been slightly lower than expected at +2.2% q/q. Today, we will get the important Consumer Price Index release 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).
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
Thursday, December 12
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 8:45 a.m. Eurozone - ECB Press Conference
- 1:01 p.m. U.S. - 30-y Bond Auction
Paul Rejczak
Stock Trading Strategist