Gold trades along the $1,980 price level as investors await tomorrow’s inflation data.
The gold futures contract lost 0.07% on Friday, June 9 as it fluctuated along the Thursday’s closing price. Volatility was low ahead of series of economic data releases this week. Gold keeps trading sideways following its mid-May selloff. It was selling off on strengthening U.S. dollar, among other factors. In early May the yellow metal retreated from the new medium-term high of $2,085.40.
In early March gold was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from the local low of around $1,813.
Today gold is extending a consolidation as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher this morning as it is trading along the $1,980 level. What about the other precious metals? Silver is 0.2% lower, platinum is 0.5% lower and palladium is 0.3% higher. So the main precious metals’ prices are mixed this morning.
The markets will be waiting for tomorrow’s important CPI release and the FOMC Statement release on Wednesday, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, June 12
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
Tuesday, June 13
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - CPI m/m, CPI y/y, Core CPI m/m
- 10:00 a.m. U.K. - BOE Governor Bailey Speech
Paul Rejczak
Stock Trading Strategist