Gold price reaches a new record high following bullish stocks, weak USD.
The gold futures contract gained 1.34% on Friday, May 17, as it extended its recent advances, breaking above the $2,400 level on rising stock prices, weaker U.S. dollar, among other factors.
In mid-February, gold was the lowest since mid-December, after breaking below local lows from January on the consumer inflation release. Since then, it gained over $450.
This morning, gold is trading at new record highs, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.2% higher, as it is trading along the $2,450 level, reaching a new record high of $2,454. What about the other precious metals? Silver is 2.4% higher, platinum is 0.5% lower and palladium is 1.5% higher. So, the main precious metals’ prices are higher this morning.
Friday’s CB Leading Index release has been lower than expected at -0.6% m/m. Today, we won’t get any new important economic data. However, there will be speeches from the FOMC Members.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, May 20
- 8:45 a.m. U.S. - FOMC Member Bostic Speech
- 9:00 a.m. U.S. - FOMC Member Waller Speech, FOMC Member Barr Speech
- 10:30 a.m. U.S. - FOMC Member Jefferson Speech
- 2:00 p.m. U.S. - FOMC Member Mester Speech
- All Day, Canada - Bank Holiday
- All Day, Eurozone - German Bank Holiday, French Bank Holiday
Tuesday, May 21
- 4:00 a.m. U.S. - Treasury Secretary Yellen Speech
- 4:00 a.m. Eurozone - ECB President Lagarde Speech
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 9:00 a.m. U.S. - FOMC Member Waller Speech, FOMC Member Barkin Speech
- 9:05 a.m. U.S. - FOMC Member Williams Speech
- 9:10 a.m. U.S. - FOMC Member Bostic Speech
- 11:45 a.m. U.S. - FOMC Member Barr Speech
- 1:00 p.m. U.K. - BOE Governor Bailey Speech
- 7:00 p.m. U.S. - FOMC Member Mester Speech
Paul Rejczak
Stock Trading Strategist