Gold price is fluctuating following the FOMC release, rebounding from $2,600
The gold futures contract lost 0.33% on Wednesday, December 18, as it fluctuated after the FOMC interest rate decision release. Last Friday, gold continued retracing the recent advance after pulling back from $2,750 price level.
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 extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.9% lower, as it is trading along the $2,630 level. What about the other precious metals? Silver is 2.6% lower, platinum is 1.0% higher and palladium is 1.1% higher. So, the main precious metals’ prices are lower this morning.
Today, we will get the Final 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, December 19
- 7:00 a.m. U.K. - Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 8:30 a.m. U.S. - Final GDP q/q, Unemployment Claims, Final GDP Price Index q/q, Philly Fed Manufacturing Index
- 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 8:15 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate
- Tentative, Japan - BOJ Press Conference
Friday, December 20
- 2:00 a.m. U.K. - Retail Sales m/m
- 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 - Retail Sales m/m, Core Retail Sales m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
Paul Rejczak
Stock Trading Strategist