Gold continues advancing ahead of key economic data.
The gold futures contract gained 1.32% on Wednesday, January 15, as it retraced its recent declines after the Consumer Price Index release. The market moved above the $2,700 level again. Last Friday, gold reached 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 extending the advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% higher, as it is trading along the $2,730 level. What about the other precious metals? Silver is 0.7% higher, platinum is 0.6% higher and palladium is 0.4% lower. So, the main precious metals’ prices are higher this morning.
Yesterday’s Producer Consumer Price Index release has been as 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).
Thursday, January 16
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims, Philly Fed Manufacturing Index, Import Prices m/m
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 11:00 a.m. U.S. - FOMC Member Williams Speech
- 9:00 p.m. China - GDP q/y, Industrial Production y/y, Retail Sales y/y
Friday, January 17
- 2:00 a.m. U.K. - Retail Sales m/m
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 4:00 p.m. U.S. - TIC Long-Term Purchases
Paul Rejczak
Stock Trading Strategist