Gold fluctuates ahead of the important consumer inflation data.
The gold futures contract lost 0.36% on Wednesday, October 9, as it remained low following its Tuesday’s decline of 1.2%. On Tuesday, gold broke below its recent trading range on stock markets’ uncertainty, among other factors. Recently, it was trading within a consolidation along the $2,650-2,700 level. In early September, the market was trading along the $2,550 level, before rebounding from $2,500, and on September 26, gold reached a record high of $2708.70
This morning, gold is rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher, as it is trading along the $2,630 level. What about the other precious metals? Silver is 0.6% higher, platinum is 0.4% higher and palladium is 0.6% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the important Consumer Price Index release at 8:30 a.m. The release will likely lead to volatility on the markets.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, October 10
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y, Unemployment Claims
- 9:15 a.m. U.S. - FOMC Member Cook Speech
- 10:30 a.m. U.S. - FOMC Member Barkin Speech
- 11:00 a.m. U.S. - FOMC Member Williams Speech
- 1:01 p.m. U.S. - 30-y Bond Auction
Friday, October 11
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 9:45 a.m. U.S. - FOMC Member Goolsbee Speech
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 100:45 a.m. U.S. - FOMC Member Logan Speech
- 1:10 p.m. U.S. - FOMC Member Bowman Speech
Paul Rejczak
Stock Trading Strategist