Producer inflation data pushed the gold price to new medium-term high yesterday.
The gold futures contract gained 1.50% on Thursday, Apr. 13 as it broke above the recent local high following lower-than-expected Producer Price Index release. The daily high was at $2,063.40 yesterday. Last week gold kept advancing on U.S. dollar weakness, stock markets’ rally, among other factors before retracing some of the advance, and yesterday 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 along the $2,050 level as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% lower this morning as it is basically trading sideways following yesterday’s rally. What about the other precious metals? Silver is 0.5% higher, platinum is 0.9% lower and palladium is 1.4% higher. So the main precious metals’ prices are mixed this morning.
Yesterday’s important Producer Price Index release has been lower than expected at -0.5% m/m and the Unemployment Claims release has been higher than expected at 239,000. Today we will get the important Retail Sales 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, 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
Monday, April 17
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- 10:00 a.m. U.S. - NAHB Housing Market Index
- 9:30 p.m. Australia - Monetary Policy Meeting Minutes
- 10:00 p.m. China - GDP q/y
Paul Rejczak
Stock Trading Strategist