Gold continues to fluctuate, remaining above $2,300
The gold futures contract lost 1.56% on Thursday, June 13, as it retraced its Wednesday’s advance of 1.2%. On Wednesday, it rebounded after a lower-than-expected consumer inflation data. It was as high as $2,358.80, retracing some of its last Friday’s sell-off. Last Friday, gold broke below the previous lows following monthly jobs data and a stronger U.S. dollar, among other factors. Recently, it fluctuated after retreating from its May 20 record high of $2,454.20. Yesterday, gold dipped after the FOMC release.
In mid-February, gold was the lowest since mid-December, after breaking below local lows from January on consumer inflation release. Since then, it gained over $450.
This morning, gold is rebounding again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.1% higher, as it is trading along the $2,340 level. What about the other precious metals? Silver is 0.7% higher, platinum is 0.4% lower and palladium is 0.7% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Producer Price Index release has been lower than expected at -0.2% m/m, and the Unemployment Claims release has been higher than expected at 242,000. Today, we will get the UoM Consumer Sentiment release at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, June 14
- 8:30 a.m. U.S. - Import Prices m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 1:30 p.m. Eurozone - ECB President Lagarde Speech
- Tentative, Japan - BOJ Press Conference
Monday, June 17
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- All Day - G7 Meetings
Paul Rejczak
Stock Trading Strategist