Gold price extends a consolidation; PPI data in focus.
The gold futures contract gained 0.68% on Wednesday, March 13, as it extended its short-term consolidation below the $2,200 level. Last week on Friday, gold reached a new record high of $2,203. It kept reacting to economic data releases, weakening U.S. dollar and advancing stock prices. On February 14, gold was the lowest since mid-December, after breaking below local lows from January on the CPI release. Since then, it gained over $200.
This morning gold is retracing some of its yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% lower, as it is trading along the $2,175 level. What about the other precious metals? Silver is 0.3% higher, platinum is 0.5% lower and palladium is 1.3% higher. So, the main precious metals’ prices are mixed this morning.
Today, the markets are waiting for the important Producer Price Index release at 8:30 a.m. We will also get the Retail Sales and Unemployment Claims numbers.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, March 14
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims
- 10:00 a.m. U.S. - Business Inventories m/m
Friday, March 15
- 8:30 a.m. U.S. - Empire State Manufacturing Index, Import Prices m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
Paul Rejczak
Stock Trading Strategist