Gold price keeps advancing as it gets closer to record high again.
The gold futures contract gained 0.50% on Tuesday, October 15, as it moved back to its local highs along the $2,680 level. Last week, gold was retracing its recent pullback from the September 26 record high of 2,708.70. Gold came back above the $2,650 level.
Last Tuesday, gold broke below its recent trading range on stock markets’ uncertainty, among other factors. Earlier, 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.
This morning, gold is extending the advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% higher, as it is trading along the $2,690 level. What about the other precious metals? Silver is 0.8% higher, platinum is 0.6% higher and palladium is 0.4% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Empire State Manufacturing Index release has been worse than expected at -11.9. Today, we will get the Import Prices number at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, October 16
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - Import Prices m/m
- 2:40 p.m. Eurozone - ECB President Lagarde Speech
- 8:30 p.m. Australia - Employment Change, Unemployment Rate
Thursday, October 17
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims, Philly Fed Manufacturing Index
- 8:45 a.m. U.S. - ECB Press Conference
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 11:00 a.m. U.S. - FOMC Member Goolsbee Speech
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 10:00 p.m. China - GDP q/y, Industrial Production y/y, Retail Sales y/y
- Tentative, U.S. - Federal Budget Balance
Paul Rejczak
Stock Trading Strategist