Gold price is rebounding after yesterday’s sell-off; PCE data in focus.
The gold futures contract lost 2.57% on Thursday, July 25, as it broke below the recent lows following the stock market sell-off. Since Monday, gold has been fluctuating after its last week’s declines. It was trading along the $2,400 level, and yesterday it was as low as $2,351.90. The market retreated from its last Wednesday’s new record high of $2,488.40. Gold reacted to stock prices selling off, among other factors. Recently, the yellow metal broke above highs from April and May following advances in stocks, weaker U.S. dollar.
This morning, gold is rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.8% higher, as it is trading along the $2,370 level. What about the other precious metals? Silver is 0.2% lower, platinum is 0.3% lower and palladium is 0.6% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Advance GDP release has been higher than expected at +2.8% q/q. Today, we will get the Core PCE Price Index 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).
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- All Day - G20 Meetings
Monday, July 29
- No important economic data
Paul Rejczak
Stock Trading Strategist