Gold price remains near $2,700; Core PCE Price Index release in focus.
The gold futures contract gained 0.38% on Thursday, September 26, as it extended its record-breaking rally again, reaching a new all-time high of $2,708.70. Last week, gold broke above the short-term consolidation around the $2,600 level, and since then, it has been advancing. In early September, it was trading along the $2,550 level, before rebounding from $2,500.
This morning, gold is retracing some of the advance, 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 below the $2,690 level. What about the other precious metals? Silver is also 0.3% lower, platinum is 0.1% lower and palladium is 1.7% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Final GDP release has been as expected at +3.0% quarter-over-quarter. Today, we will get the important Core PCE Price Index release at 8:30 a.m., 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 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
Monday, September 30
- 9:00 a.m. Eurozone - ECB President Lagarde Speech
- 9:45 a.m. U.S. - Chicago PMI
- 1:00 p.m. U.S. - Fed Chair Powell Speech
- All Day, Eurozone - German Preliminary CPI m/m
- All Day, Canada – Bank Holiday
- All Day, China – Bank Holiday
Paul Rejczak
Stock Trading Strategist