Gold is slightly extending its yesterday’s advance as U.S. dollar weakens, stocks bounce.
The gold futures contract gained 1.04% on Monday, October 9 as it extended its Friday’s bounce on news about Israeli-Palestinian conflict. On Friday gold reached new local low of $1,823.50. It was the lowest since early March, but the market rallied after monthly jobs data release. Recently gold kept selling off after economic data releases, strong U.S. dollar.
In late August gold price was rallying amidst reduced pressure for the further monetary policy tightening and on Septemeber 1 it reached a local high of $1,980. In May gold retreated from medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from a local low of around $1,813.
Today gold is trading slightly higher 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 $1,870 level. What about the other precious metals? Silver is 0.4% lower platinum is 0.2% lower and palladium is 1.3% lower. So the main precious metals’ prices are mixed this morning.
Yesterday we didn’t get any new important economic data, but the markets reacted to the news about Israeli-Palestinian conflict. Today we will get the Final Wholesale Inventories release at 10:00 a.m., among others. Investors will be waiting for the important PPI release tomorrow and the CPI number on Thursday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, October 10
- 6:00 a.m. U.S. - NFIB Small Business Index
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 1:30 p.m. U.S. - FOMC Member Waller Speech
- 3:00 p.m. U.S. - FOMC Member Kashkari Speech
- Tentative, Eurozone - ECB President Lagarde Speech
- All Day - IMF Meetings
Wednesday, October 11
- 4:15 a.m. U.S. - FOMC Member Bowman Speech
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 10:15 a.m. U.S. - FOMC Member Waller Speech
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - FOMC Meeting Minutes
- All Day - IMF Meetings
Paul Rejczak
Stock Trading Strategist