Gold is retracing its Friday’s advance; markets await inflation data this week.
The gold futures contract gained 1.59% on Friday, January 10, as it broke above its recent trading range and the $2,700 level. Gold reached a local high of $2,735 on Friday, the highest since early December. Recently, it kept moving sideways despite a series of economic data releases. 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 October 29 record high of $2,801.80, reaching a local low of $2,541.50.
This morning, gold is retracing its Friday’s gains, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.7% lower, as it is trading below the $2,700 level. What about the other precious metals? Silver is 2.4% lower, platinum is 1.3% lower and palladium is 2.3% lower. So, the main precious metals’ prices are lower this morning.
Friday’s Nonfarm Payrolls release has been higher than expected at +256,000. The markets will be waiting the important PPI release tomorrow, and the CPI on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, January 13
- 2:00 p.m. U.S. - Federal Budget Balance
Tuesday, January 14
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 10:00 a.m. U.S. - FOMC Member Schmid Speech
- 3:05 p.m. U.S. - FOMC Member Williams Speech
- Tentative, U.S. - RCM/TIPP Economic Optimism
Paul Rejczak
Stock Trading Strategist