Gold price remains near $2,600 as markets await the Fed release tomorrow.
The gold futures contract lost 0.07% on Monday, September 16, as it fluctuated following its record-breaking run-up. Yesterday, gold reached a new all-time high of $2,617.40, before pulling back to around $2,600. Gold kept advancing on stock markets rally, FOMC Rate Decision expectations. Recently, it has been trading along the $2,550 level, and last Friday, it broke the $2,600 level. On the previous Wednesday, it rebounded from $2,500.
This morning, gold is trading sideways again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% lower, as it is trading along the $2,600 level. What about the other precious metals? Silver is 0.4% lower, platinum is 0.7% lower and palladium is 1.0% higher. So, the main precious metals’ prices are lower this morning.
Yesterday’s Empire State Manufacturing Index release has been higher than expected at 11.5. Today, we will get the important Retail Sales number at 8:30 a.m., among others. The markets are eagerly awaiting the FOMC Rate Decision tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, September 17
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index, FOMC Member Logan Speech
Wednesday, September 18
- 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Economic Projections, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 9:30 p.m. Australia - Employment Change, Unemployment Rate
Paul Rejczak
Stock Trading Strategist