Gold is reaching new record highs as it gets closer to $2,500 mark.
The gold futures contract gained 1.60% on Tuesday, July 16, as it rallied to a new record high following advances in stocks, weaker U.S. dollar. Last Thursday, gold broke above the previous week’s local high following lower-than-expected inflation data. 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 slightly higher after reaching another new record high, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% higher, as it is trading slightly above the $2,470 level. What about the other precious metals? Silver is 1.0% lower, platinum is 1.6% lower and palladium is 1.5% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Retail Sales release has been higher than expected at 0.0% m/m. Today, we will get the Building Permits and Housing Starts releases 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).
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
Thursday, July 18
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index
- 8:45 a.m. Eurozone - ECB Press Conference
- 10:00 a.m. U.S. - CB Leading Index m/m
- 1:45 p.m. U.S. - FOMC Member Logan Speech
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 6:05 p.m. U.S. - FOMC Member Daly Speech
- 7:45 p.m. U.S. - FOMC Member Bowman Speech
Paul Rejczak
Stock Trading Strategist