Gold price is pulling back again; markets await inflation data on Wednesday.
The gold futures contract lost 0.41% on Friday, November 8, as it pulled back following Thursday’s rebound of 1.1%. Gold fluctuated after its post-election sell-off. On Thursday, it reached a local low of $2,650.30, extending a decline from the October 29 record high of $2,801.80. In October, the yellow metal kept gaining amid strengthening U.S. dollar, geopolitical tensions, among others.
This morning, gold is declining again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.0% lower, as it is trading below the $2,670 level. What about the other precious metals? Silver is 0.4% lower, platinum is 0.5% higher and palladium is 0.2% lower. So, the main precious metals’ prices are lower this morning.
Friday’s Preliminary UoM Consumer Sentiment release has been higher than expected at 73. Today, we won’t get any new economic data. The markets will be waiting for the important consumer inflation release on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, November 11
- All Day, U.S. - Bank Holiday
- All Day, Eurozone – French Bank Holiday
- All Day, Canada - Bank Holiday
Tuesday, November 12
- 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
- 6:00 a.m. U.S. - NFIB Small Business Index
- 10:00 a.m. U.S. - FOMC Member Waller Speech
- 10:15 a.m. U.S. - FOMC Member Barkin Speech
- 2:00 p.m. U.S. - FOMC Member Kashkari Speech
- 5:00 p.m. U.S. - FOMC Member Harker Speech
- 5:30 p.m. U.S. - FOMC Member Barkin Speech
- 7:30 p.m. Australia - Wage Price Index q/q
- Tentative, U.S. - RCM/TIPP Economic Optimism, Cleveland Fed Inflation Expectations, Loan Officer Survey
Paul Rejczak
Stock Trading Strategist