Gold price reaches new record highs after breaking above the $2,700 level.
The gold futures contract gained 0.60% on Thursday, October 17, as it extended its uptrend once again, reaching a new record high of around $2,713. Gold broke above its late September local high despite strengthening U.S. dollar, stock markets’uncertainty.
Last Tuesday, gold broke below the recent trading range, before rebounding and resuming the uptrend. 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 reaching new all-time highs, 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 near the $2,730 level. What about the other precious metals? Silver is unchanged, platinum is 1.5% higher and palladium is 1.8% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Retail Sales release has been higher than expected at +0.4% month-over-month. Today, we will get the Building Permits and Housing Starts numbers 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).
Friday, October 18
- 2:00 a.m. U.K. - Retail Sales m/m
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 12:10 p.m. U.S. - FOMC Member Waller Speech
- Tentative, U.S. - Treasury Currency Report
Monday, October 21
- 8:55 a.m. U.S. - FOMC Member Logan Speech
- 10:00 a.m. U.S. - CB Leading Index m/m
- 1:00 p.m. U.S. - FOMC Member Kashkari Speech
- 5:05 p.m. U.S. - FOMC Member Schmid Speech
- All Day - IMF Meetings
Paul Rejczak
Stock Trading Strategist