Gold is pulling back from its yesterday’s record high as markets await the U.S. inflation data.
The gold futures contract lost 0.06% on Tuesday, February 11, as it fluctuated after reaching a new record high of $2,968.50. 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, 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 $2,900 level. What about the other precious metals? Silver is 0.5% lower, platinum is 0.4% lower and palladium is 1.0% lower. So, the main precious metals’ prices are lower this morning.
Today, we will get the important Consumer Price Index release 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).
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
Thursday, February 13
- 2:00 a.m. U.K. - GDP m/m, Preliminary GDP q/q
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 1:01 p.m. U.S. - 30-y Bond Auction
Paul Rejczak
Stock Trading Strategist