Gold trades closer to last week’s low ahead of tomorrow’s CPI data.
The gold futures contract lost 0.51% on Tuesday, August 8 as it went closer to the last Friday’s local low of $1,954.50 again. On Friday it bounced following monthly jobs data release, stocks’ volatility, among other factors. 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 along its yesterday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower this morning as it is trading below the $1,960 level again. What about the other precious metals? Silver is 0.4% lower, platinum is 0.9% lower and palladium is 1.3% lower. So the main precious metals’ prices are slightly lower this morning.
Today we won’t get any new important economic data. The markets will be waiting for the important Consumer Price Index release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, August 9
- 1:01 p.m. U.S. - 10-y Bond Auction
Thursday, August 10
- 8:30 a.m. U.S. - CPI m/m, CPI y/y, Core CPI m/m, Unemployment Claims
- 1:01 p.m. U.S. - 30-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
- 4:15 p.m. U.S. - FOMC Member Harker Speech
- All Day, Japan - Bank Holiday
Paul Rejczak
Stock Trading Strategist