Gold price reached a new record high on Fed’s interest rate cut.
The gold futures contract gained 0.24% on Wednesday, September 18, as it went sideways after a volatile trading session caused by the FOMC Rate Decision. Gold reached a new record high of $2,627.20 before going back below $2,600.
Last week, gold kept advancing on stock markets rally, FOMC Rate Decision expectations. Recently, it has been trading along the $2,550 level. On the previous Wednesday, it rebounded from $2,500.
This morning, gold is trading near the $2,600 level, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.7% higher, as it is trading above the $2,600 level. What about the other precious metals? Silver is 2.8% higher, platinum is 1.9% higher and palladium is 2.7% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the Unemployment Claims release at 8:30 a.m. The markets will also wait for the important Bank of Japan monetary policy update overnight.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, September 19
- 7:00 a.m. U.K. - Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index, Current Account
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement
- 8:15 a.m. Canada - BOC Governor Macklem Speech
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 11:00 a.m. Eurozone - ECB President Lagarde Speech
- 2:00 p.m. U.S. - FOMC Member Harker Speech
- Tentative, Japan - BOJ Press Conference
Paul Rejczak
Stock Trading Strategist