Daily Gold News: August 28 – Gold Price Is Still Below $1,950

Gold went sideways despite volatility caused by the Powell’s speech on Friday.

The gold futures contract lost 0.37% on Friday, August 25 as it fluctuated following a rather hawkish speech from the Fed Chair Powell at the Jackson Hole Symposium. However, the market remained within a short-term consolidation after rebounding on Wednesday. Recently it was trading along the $1,925 level. after breaking slightly below the $1,920 level. Last week on Monday it was the lowest since early July. On July 31 gold’s December futures contract reached a local high of $2,010.90.

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 local low of around $1,813.

Today gold is trading sideways again as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: August 28 – Gold Price Is Still Below $1,950 - Image 1

The gold price is 0.1% higher this morning as it is trading along the $1,940 level. What about the other precious metals? Silver is 0.1% lower, platinum is 0.9% lower and palladium is 0.2% higher. So the main precious metals’ prices are virtually flat this morning.

Today we won’t get any new important economic data releases. However, markets will be waiting for a series of announcements this week.

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

Monday, August 28

  • All Day, U.K. – Bank Holiday

Tuesday, August 29

  • 3:40 a.m. Australia - RBA Governor-Designate Bullock Speech
  • 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
  • 10:00 a.m. U.S. - CB Consumer Confidence, JOLTS Job Openings
  • 9:30 p.m. Australia - CPI y/y

Paul Rejczak
Stock Trading Strategist