Daily Gold News: November 12 – Gold Price Extending Declines

Paul-Rejczak Paul Rejczak Nov 12, 2024

Gold continues its downtrend, as markets await inflation data tomorrow.

The gold futures contract lost 2.86% on Monday, November 11, as it accelerated its declines, nearing the $2,600 level. It continued a sell-off following the presidential elections last week. Gold extended its 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 lower again, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: November 12 – Gold Price Extending Declines - Image 1

The gold price is 0.4% lower, as it is trading along the $2,610 level. What about the other precious metals? Silver is also 0.4% lower, platinum is 1.3% lower and palladium is 1.9% lower. So, the main precious metals’ prices are lower this morning.

Today, we will have several speeches from the FOMC Members. The markets will be waiting for the important consumer inflation release tomorrow.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

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

Wednesday, November 13

  • 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
  • 9:45 a.m. U.S. - FOMC Member Logan Speech
  • 1:00 p.m. U.S. - FOMC Member Musalem Speech
  • 1:30 p.m. U.S. - FOMC Member Schmid Speech
  • 2:00 p.m. U.S. - Federal Budget Balance
  • 6:00 p.m. Australia - RBA Governor Bullock Speech
  • 7:30 p.m. Australia - Employment Change, Unemployment Rate

Paul Rejczak
Stock Trading Strategist