Daily Gold News: July 16 – Gold Extends Advances

Paul-Rejczak Paul Rejczak Jul 16, 2024

Gold price gets closer to its record high from May; Retail Sales data in focus.

The gold futures contract gained 0.34% on Monday, July 15, as it extended recent advances, nearing its May 20 record high of $2,454.20. Last Thursday, gold broke above the previous week’s local high following lower-than-expected inflation data. The yellow metal has reached a new local high, and it was the highest since late May. On previous week, the yellow metal broke above its recent trading range, reaching $2,400. Before the rebound, it was fluctuating within a consolidation following a retreat from the record high.

This morning, gold is trading higher, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: July 16 – Gold Extends Advances - Image 1

The gold price is 0.7% higher, as it is trading closer to the $2,450 level. What about the other precious metals? Silver is 0.6% higher, platinum is 0.5% lower and palladium is 0.6% lower. So, the main precious metals’ prices are higher this morning.

Yesterday’s Empire State Manufacturing Index release has been slightly lower than expected at -6.6. 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).

Tuesday, July 16

  • 5:00 a.m. Eurozone - German ZEW Economic Sentiment
  • 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Import Prices m/m
  • 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y,
  • Core CPI m/m
  • 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
  • 2:45 p.m. U.S. - FOMC Member Kugler Speech
  • All Day, Eurozone - ECOFIN Meetings

Wednesday, July 17

  • 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
  • 8:30 a.m. U.S. - Building Permits, Housing Starts
  • 9:00 a.m. U.S. - FOMC Member Barkin Speech
  • 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
  • 9:35 a.m. U.S. - FOMC Member Waller Speech
  • 2:00 p.m. U.S. - Beige Book
  • 9:30 p.m. Australia - Employment Change, Unemployment Rate

Paul Rejczak
Stock Trading Strategist