Gold moved lower, breaking below the recent lows; inflation data in focus.
The gold futures contract lost 1.15% on Tuesday, October 8, as it broke below its recent trading range on stock markets’ uncertainty, among other factors. Yesterday, gold was as low as $2,623.40. 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 moving sideways following yesterday’s retreat, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher, as it is trading slightly below the $2,640 level. What about the other precious metals? Silver is 1.0% higher, platinum is 0.6% lower and palladium is 0.7% lower. So, the main precious metals’ prices are mixed this morning.
Today, we will get the FOMC Meeting Minutes release at 2:00 p.m. The markets are awaiting key inflation data tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, October 9
- 8:00 a.m. U.S. - FOMC Member Bostic Speech
- 9:15 a.m. U.S. - FOMC Member Logan Speech
- 10:30 a.m. U.S. - FOMC Member Goolsbee Speech
- 12:30 p.m. U.S. - FOMC Member Jefferson Speech
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - FOMC Meeting Minutes
- 5:00 p.m. U.S. - FOMC Member Collins Speech
- 6:00 p.m. U.S. - FOMC Member Daly Speaks
Thursday, October 10
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y, Unemployment Claims
- 9:15 a.m. U.S. - FOMC Member Cook Speech
- 10:30 a.m. U.S. - FOMC Member Barkin Speech
- 11:00 a.m. U.S. - FOMC Member Williams Speech
- 1:01 p.m. U.S. - 30-y Bond Auction
Paul Rejczak
Stock Trading Strategist