Gold is fluctuating after the rally; producer inflation data in focus.
The gold futures contract lost 0.13% on Wednesday, February 12, as it fluctuated following its recent record-breaking rally. The market reacted negatively to consumer inflation data. On Tuesday, gold reached a new record high of $2,968.50. Recently, it kept advancing despite some uncertainty in the stock market.
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 advancing again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.7% higher, as it is trading along the $2,950 level. What about the other precious metals? Silver is 0.1% higher, platinum is 1.1% higher and palladium is 0.8% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Consumer Price Index release has been slightly higher than expected at +0.5% month-over-month. Today, we will get the PPI number 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, 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
Friday, February 14
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Business Inventories m/m
- 3:00 p.m. U.S. - FOMC Member Logan Speech
Paul Rejczak
Stock Trading Strategist