Gold price keeps moving lower ahead of the producer inflation release.
The gold futures contract lost 0.76% on Wednesday, November 13, as it further extended a short-term downtrend after breaking below the $2,600 level. It continued selling 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):
The gold price is 1.1% lower, as it is trading below the $2,560 level. What about the other precious metals? Silver is 2.0% lower, platinum is 0.4% lower and palladium is 1.1% lower. So, the main precious metals’ prices are higher this morning.
Yesterday’s Consumer Price Index release has been as expected at +0.2% month-over-month. Today, we will get the Producer Price Index and the Unemployment Claims releases at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
- 7:00 a.m. U.S. - FOMC Member Kugler Speech
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 9:00 a.m. U.S. - FOMC Member Barkin Speech
- 2:00 p.m. Eurozone - ECB President Lagarde Speech
- 3:00 p.m. U.S. - Fed Chair Powell Speech
- 4:00 p.m. U.K. - BOE Governor Bailey Speech
- 4:15 p.m. U.S. - FOMC Member Williams Speech
- 9:00 p.m. China - Industrial Production y/y, Retail Sales y/y
Friday, November 15
- 2:00 a.m. U.K. - GDP m/m, Preliminary GDP q/q
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, 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. - Business Inventories m/m
Paul Rejczak
Stock Trading Strategist