Gold price reached new records on economic data, Fed meeting next week.
The gold futures contract gained 1.50% on Thursday, September 12, as it broke above the recent trading range, reaching new record highs on advancing stock markets, FOMC Rate Decision expectations. Recently, gold has been trading along the $2,550 level, and yesterday, it neared $2,600. Last Wednesday, it rebounded from $2,500, and last Friday, gold approached its August 20 high, before reversing lower.
This morning, gold is extending its record-breaking advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% higher, as it is trading slightly below the $2,600 level. What about the other precious metals? Silver is 0.8% higher, platinum is 1.1% higher and palladium is 0.2% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Producer Price Index release has been higher than expected at +0.2% month-over-month. Today, we will get the Preliminary UoM Consumer Sentiment at 10:00 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, September 13
- 8:30 a.m. U.S. - Import Prices m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- 10:00 p.m. China - Industrial Production y/y, Retail Sales y/y
- All Day, Eurozone - ECOFIN Meetings, Eurogroup Meetings
Monday, September 16
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist