Gold price extended its rally again, Powell’s testimony in focus.
The gold futures contract gained 1.62% on Monday, February 10, as it extended its record-breaking rally, crossing the $2,900 level. Last Monday, it rebounded from its daily low of around $2,800 and reached record highs following tariff news on a weekend. Recently, it kept advancing despite some uncertainty in the stock market. On December 20, the market rebounded from its post-Fed local lows of around $2,600.
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 late October high, reaching a local low of $2,541.50.
This morning, gold is pulling back from a new record high, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% lower, as it is trading along the $2,930 level. What about the other precious metals? Silver is 1.0% lower, platinum is 0.9% lower and palladium is 2.4% lower. So, the main precious metals’ prices are lower this morning.
Today, markets will be waiting for the Fed Chair Powell Testimony at 10:00 a.m. Tomorrow, we will get the important consumer inflation data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, February 11
- 6:00 a.m. U.S. - NFIB Small Business Index
- 7:15 a.m. U.K. - BOE Governor Bailey Speech
- 8:50 a.m. U.S. - FOMC Member Hammack Speech
- 10:00 a.m. U.S. - Fed Chair Powell Testimony
- 3:30 p.m. U.S. - FOMC Member Bowman Speech, FOMC Member Williams Speech
Wednesday, February 12
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 10:00 a.m. U.S. - Fed Chair Powell Testimony
- 12:00 p.m. U.S. - FOMC Member Bostic Speech
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
- 5:05 p.m. U.S. - FOMC Member Waller Speech
Paul Rejczak
Stock Trading Strategist