Daily Gold News: September 23 – Gold Price Extends Advances

Paul-Rejczak Paul Rejczak Sep 23, 2024

Gold reaches new records following last week’s Fed Decision, trading near $2,650.

The gold futures contract gained 1.21% on Friday, September 20, as it further extended its rally, reaching new record highs above the $2,600 level. On Thursday, it retraced the Wednesday’s intraday pullback after a volatile trading session caused by the FOMC Rate Decision.

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 sideways, near a new record high of $2,656, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: September 23 – Gold Price Extends Advances - Image 1

The gold price is unchanged, as it is trading slightly below the $2,650 level. What about the other precious metals? Silver is 1.7% lower, platinum is 2.1% lower and palladium is 1.9% lower. So, the main precious metals’ prices are mixed this morning.

Today, we will get the important Flash Manufacturing PMI and Flash Services PMI releases at 9:45 a.m. The PMI data releases from Europe have been worse than expected.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Monday, September 23

  • 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
  • 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
  • 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
  • 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
  • 8:00 a.m. U.S. - FOMC Member Bostic Speech
  • 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
  • 10:15 a.m. U.S. - FOMC Member Goolsbee Speech
  • 1:00 p.m. U.S. - FOMC Member Kashkari Speech

Tuesday, September 24

  • 12:30 a.m. Australia - Cash Rate, RBA Rate Statement
  • 1:05 a.m. Japan - BOJ Governor Ueda Speech
  • 1:30 a.m. Australia - RBA Press Conference
  • 4:00 a.m. Eurozone - German ifo Business Climate
  • 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m, FOMC Member Bowman Speech
  • 10:00 a.m. U.S. - CB Consumer Confidence, Richmond Manufacturing Index
  • 1:10 p.m. Canada - BOC Governor Macklem Speech
  • 9:30 p.m. Australia - CPI y/y

Paul Rejczak
Stock Trading Strategist