Gold is gaining ahead of data, long holiday weekend.
The gold futures contract gained 0.57% on Thursday, February 13, as it moved closer to its Tuesday’s record high of $2,968.50 again. On Wednesday, 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 extending its yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher, as it is trading along the $2,950 level. What about the other precious metals? Silver is 3.6% higher, platinum is 0.2% higher and palladium is 0.6% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Producer Price Index release has been slightly higher than expected at +0.4% month-over-month. Today, we will get the Retail Sales 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).
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
Monday, February 17
- 9:30 a.m. U.S. - FOMC Member Harker Speech
- 10:20 a.m. U.S. - FOMC Member Bowman Speech
- 10:30 p.m. Australia - Cash Rate, RBA Monetary Policy Statement, RBA Rate Statement
- 11:30 p.m. Australia - RBA Press Conference
- All Day, Eurozone - Eurogroup Meetings
- All Day, U.S. – Bank Holiday
- All Day, Canada – Bank Holiday
Paul Rejczak
Stock Trading Strategist