Gold extends its uptrend as markets await important consumer inflation number.
The gold futures contract gained 0.64% on Wednesday, October 11 as it further extended its short-term uptrend. 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 closer to the $1,900 level as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% higher as it is trading slightly below the $1,900 level. What about the other precious metals? Silver is 0.7% higher platinum is 0.8% lower and palladium is 0.9% lower. So the main precious metals’ prices are higher again this morning.
Yesterday’s important Producer Price Index release has been higher than expected at +0.5% m/m. Today we will get the Consumer Price Index announcement at 8:30 a.m. There will likely be an increased volatility following that release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, October 12
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - CPI m/m, CPI y/y, Core CPI m/m, Unemployment Claims
- 1:01 p.m. U.S. - 30-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
- 9:30 p.m. China - CPI y/y, PPI y/y
- All Day - IMF Meetings
Friday, October 13
- 4:00 a.m. U.K. - BOE Governor Bailey Speech
- 9:00 a.m. U.S. - FOMC Member Harker Speech
- 9:00 a.m. Eurozone - ECB President Lagarde Speech
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- All Day - IMF Meetings
Paul Rejczak
Stock Trading Strategist