Gold price moves sideways after dropping earlier in the week.
The gold futures contract lost 0.09% on Thursday, September 7 as it went sideways following this week’s declines. Recently the market was reacting to strengthening U.S. dollar, economic data. In late August gold was rallying amidst reduced pressure for the further monetary policy tightening. Last week on Thursday it reached $1,980 and yesterday it traded along $1,940.
On June 29 gold was the lowest since mid-March (the low was at $1,900.60). In May gold retreated from new medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from a local low of around $1,813.
Today gold is trading slightly higher as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% higher as it is trading just below the $1,950 level. What about the other precious metals? Silver is 0.3% higher platinum is 0.9% lower and palladium is 0.3% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 216,000. Today we will get the Final Wholesale Inventories number at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, September 8
- 8:30 a.m. Canada - Employment Change, Unemployment Rate, Capacity Utilization Rate
- 9:00 a.m. U.S. - FOMC Member Barr Speech
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 9:30 p.m. China - CPI y/y, PPI y/y
Monday, September 11
- 9:30 p.m. Australia - NAB Business Confidence
Paul Rejczak
Stock Trading Strategist