Gold price rebounded following inflation data; PPI number in focus today.
The gold futures contract gained 0.51% on Thursday, October 10, as it rebounded from a new local low of $2,618.80 following consumer inflation data. 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 extending its rebound, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.7% higher, as it is trading along the $2,660 level. What about the other precious metals? Silver is 0.5% higher, platinum is 0.2% higher and palladium is 0.2% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Consumer Price Index release has been slightly higher than expected at +0.2% month-over-month. Today, we will get the Producer Price Index number 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).
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
Monday, October 14
- 3:00 p.m. U.S. - FOMC Member Waller Speech
- All Day, U.S. - Bank Holiday
- All Day, Canada - Bank Holiday
Paul Rejczak
Stock Trading Strategist