Gold price keeps moving sideways ahead of year-end.
The gold futures contract lost 0.52% on Monday, December 30, as it continued its Friday’s decline of 0.8%, retracing more of its recent advances. On the previous Friday, the market rebounded from its post-Fed local lows of around $2,600, and last Thursday, it traded around the $2,650 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.
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 0.2% higher, as it is trading along the $2,620 level. What about the other precious metals? Silver is 0.2% lower, platinum is 0.8% lower and palladium is 0.1% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Chicago PMI release has been lower than expected at 36.9. Today, we will get the S&P/CS Composite-20 HPI number at 9:00 a.m. Volatility is likely to decrease ahead of the holiday pause.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, December 31
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- All Day, Eurozone - German Bank Holiday
- All Day, Japan - Bank Holiday
- All Day, China - Bank Holiday
Wednesday, January 1
- All Day - Bank Holiday
Paul Rejczak
Stock Trading Strategist