Daily Gold News: September 26 – Gold Price Gets Near $2,700

Paul-Rejczak Paul Rejczak Sep 26, 2024

Gold extends its record-breaking rally; Powell’s speech in focus.

The gold futures contract gained 0.29% on Wednesday, September 25, as it further extended its record-breaking rally, nearing the $2,700 level. Last Thursday, it retraced its Wednesday’s intraday pullback after a volatile trading session caused by the FOMC Rate Decision. Since then, the market has been advancing. In early September, it was trading along the $2,550 level, before rebounding from $2,500.

This morning, gold is trading higher again, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: September 26 – Gold Price Gets Near $2,700 - Image 1

The gold price is 0.5% higher, as it is trading slightly below the $2,700 level. What about the other precious metals? Silver is 2.4% higher, platinum is 2.6% higher and palladium is 2.8% higher. So, the main precious metals’ prices are higher this morning.

Yesterday’s New Home Sales release has been higher than expected at 716,000. Today, we will get the GDP and Unemployment Claims releases at 8:30 a.m., and a speech from the Fed Chair Powell at 9:20 a.m.

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

Thursday, September 26

  • 8:30 a.m. U.S. - Final GDP q/q, Unemployment Claims, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Final GDP Price Index q/q
  • 9:10 a.m. U.S. - FOMC Member Collins Speech, FOMC Member Kugler Speech
  • 9:15 a.m. U.S. - FOMC Member Bowman Speech
  • 9:20 a.m. U.S. - Fed Chair Powell Speech
  • 9:25 a.m. U.S. - FOMC Member Williams Speech
  • 9:30 a.m. Eurozone - ECB President Lagarde Speech
  • 10:00 a.m. U.S. - Pending Home Sales m/m
  • 10:30 a.m. U.S. - FOMC Member Barr Speech, FOMC Member Cook Speech
  • 11:15 a.m. U.S. - Treasury Secretary Yellen Speech
  • 1:00 p.m. U.S. - FOMC Member Barr Speech, FOMC Member Kashkari Speech
  • 6:00 p.m. U.S. - FOMC Member Cook Speaks
  • 7:30 p.m. U.S. - Tokyo Core CPI y/y

Friday, September 27

  • 3:00 a.m. Eurozone - Spanish Flash CPI y/y
  • 8:30 a.m. U.S. - Core PCE Price Index m/m, Goods Trade Balance, Personal Income m/m, Personal Spending m/m, Preliminary Wholesale Inventories m/m
  • 8:30 a.m. Canada - GDP m/m
  • 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
  • 1:15 p.m. U.S. - FOMC Member Bowman Speech

Paul Rejczak
Stock Trading Strategist