Gold price extends its consolidation as markers await CPI data tomorrow.
The gold futures contract gained 0.32% on Monday, September 9, as it further extended its consolidation around the 2,550 level. Last Wednesday, it rebounded from $2,500, and on Friday, gold approached its August 20 record high of $2,570.40, before reversing lower.
This morning, gold is trading along its yesterday’s closing price, 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 above the $2,530 level. What about the other precious metals? Silver is 0.5% higher, platinum is unchanged and palladium is 1.6% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Final Wholesale Inventories release has been lower than expected at +0.2% month over month. The markets will be waiting for the important CPI number release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, September 10
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:10 a.m. Canada - BOC Governor Macklem Speech
- 10:00 a.m. U.S. - FOMC Member Barr Speech
Wednesday, September 11
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 1:01 p.m. U.S. - 10-y Bond Auction
Paul Rejczak
Stock Trading Strategist