Gold retraced its Friday’s advance ahead of key inflation data.
The gold futures contract lost 1.34% on Monday, January 13, as it retraced its Friday’s advance of 1.6%. On Friday, the market reacted to the monthly jobs data, which came in better than expected. Gold reached a local high of $2,735, 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 fluctuating ahead of the producer inflation data, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher, as it is trading below the $2,700 level. What about the other precious metals? Silver is 0.2% higher, platinum is 0.8% lower and palladium is 0.4% higher. So, the main precious metals’ prices are slightly higher this morning.
Today, we will get the Producer Price Index release at 8:30 a.m. The markets will be also waiting for the important CPI number tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, January 15
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y, Empire State Manufacturing Index
- 9:20 a.m. U.S. - FOMC Member Barkin Speech
- 10:00 a.m. U.S. - FOMC Member Kashkari Speech
- 11:00 a.m. U.S. - FOMC Member Williams Speech
- 12:00 p.m. U.S. - FOMC Member Goolsbee Speech
- 2:00 p.m. U.S. - Beige Book
- 7:30 p.m. Australia - Employment Change, Unemployment Rate
Paul Rejczak
Stock Trading Strategist