Gold price extends its yesterday’s bounce despite strong U.S. dollar.
The gold futures contract gained 0.02% on Thursday, September 14 as it went sideways following its recent declines. On Tuesday gold broke below last week’s local lows due to the strengthening U.S. dollar, among other factors and yesterday it bounced from new local low of around $1,922. In late August gold was rallying amidst reduced pressure for the further monetary policy tightening. On Friday Septemeber 1 it reached $1,980 and yesterday it traded close to $1,930.
On June 29 gold was the lowest since mid-March (the low was at $1,900.60). In May gold retreated from new medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from a local low of around $1,813.
Today gold is extending yesterday’s bounce as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% higher as it is trading along the $1,940 level. What about the other precious metals? Silver is 2.1% higher platinum is 1.4% higher and palladium is 1.8% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s Producer Price Index release has been higher than expected at +0.7% m/m. Today we will get the Empire State Manufacturing Index, Michigan Consumer Sentiment releases, 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 15
- 8:30 a.m. U.S. - Empire State Manufacturing Index, Import Prices m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
Monday, September 18
- 10:00 a.m. U.S. - NAHB Housing Market Index
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 9:30 p.m. Australia - Monetary Policy Meeting Minutes
Paul Rejczak
Stock Trading Strategist