Daily Gold News: August 8 – Gold Price Remains Close to $1,970

Gold trades sideways on low activity as markets focus on Thursday’s CPI data.

The gold futures contract lost 0.31% on Monday, August 7 as it fluctuated following its recent declines. On Friday it bounced from the local low of $1,954.50. The market reacted to the monthly jobs data release, stocks’ volatility. Last week on Monday gold’s December futures contract reached a local high of $2,010.90. Then it has retraced most of the advance.

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 lower as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: August 8 – Gold Price Remains Close to $1,970 - Image 1

The gold price is 0.2% lower this morning as it is trading slightly below the $1,970 level again. What about the other precious metals? Silver is 0.6% lower, platinum is 1.7% lower and palladium is 2.3% lower. So the main precious metals’ prices are lower this morning.

Today we will get Trade Balance, Final Wholesale Inventories releases, among others. The markets will be waiting for the important Consumer Price Index release on Thursday.

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

Tuesday, August 8

  • 6:00 a.m. U.S. - NFIB Small Business Index
  • 8:30 a.m. U.S. - Trade Balance
  • 10:00 a.m. U.S. - Final Wholesale Inventories m/m
  • 9:30 p.m. China - CPI y/y, PPI y/y
  • Tentative, U.S. - IBD/TIPP Economic Optimism

Wednesday, August 9

  • 1:01 p.m. U.S. - 10-y Bond Auction

Paul Rejczak
Stock Trading Strategist