Gold reached the $2,750 level, highest since early December.
The gold futures contract gained 1.22% on Thursday, January 16, as it extended its Wednesday’s advance following consumer inflation data. The market reached the $2,750 level, 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 some of its recent rally, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% lower, as it is trading along the $2,740 level. What about the other precious metals? Silver is 1.0% lower, platinum is 1.2% higher and palladium is 0.7% higher. So, the main precious metals’ prices are lower this morning.
Yesterday’s Retail Sales release has been lower than expected at +0.4% month-over-month. Today, we will get the Building Permits and Housing Starts numbers 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, 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
Monday, January 20
- All Day - WEF Annual Meetings
- All Day, Eurozone - Eurogroup Meetings
- All Day, U.S. - Bank Holiday
Paul Rejczak
Stock Trading Strategist