Daily Gold News: Apr. 13 – Gold Is Closer to Local Highs Again

Gold price was little changed after the CPI release, today it’s trading higher.

The gold futures contract gained 0.29% on Wednesday, Apr. 12 as it extended a consolidation despite lower-than-expected CPI release. The market remained below its last Wednesday’s high of $2,049.20. Last week it broke above the recent local highs on U.S. dollar weakness, stock markets’ rally, among other factors. Gold price was the highest since March of 2022. There is still a lot of uncertainty following the banking crisis, Fed’s interest rate policy.

In early March the yellow metal was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from the local low of around $1,813.

Today gold is trading closer to its local highs as we can see on the daily chart (the chart includes today’s intraday data):

The gold price is 0.5% higher this morning as it is trading along the $2,040 level. What about the other precious metals? Silver is 0.4% higher, platinum is 1.2% higher and palladium is 0.1% higher. So the main precious metals’ prices are higher this morning.

Yesterday’s important Consumer Price Index release has been lower than expected at +0.1% m/m and +5.0% y/y. Today we will get the Producer Price Index and Unemployment Claims releases at 8:30 a.m.

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

Thursday, April 13

  • 2:00 a.m. U.K. - GDP m/m
  • 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
  • 9:00 a.m. Canada - BOC Governor Macklem Speech
  • 1:01 p.m. U.S. - 30-y Bond Auction
  • All Day - G20 Meetings
  • All Day - IMF Meetings

Friday, April 14

  • 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Import Prices m/m
  • 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
  • 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations, Business Inventories m/m
  • All Day - IMF Meetings

Paul Rejczak
Stock Trading Strategist