Daily Gold News: Dec. 14 – Gold Went the Highest Since June

Gold price rallied after the inflation data. Today it’s all about the Fed’s release at 2:00 p.m.

The gold futures contract gained 1.85% on Tuesday, Dec. 13, as it broke above the recent local highs following the Consumer Price Index release. The market reached new local high of $1,836.90, and it was the highest since the end of June. Last week on Monday gold sold off after better than expected economic data, but then it went sideways despite strengtheing U.S. dollar and accompanying stock market’s sell-off. Since then it has been slowly retracing the decline. This morning gold is trading slightly below its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Today the gold price is 0.2% lower, as it is trading above the $1,800 level. What about the other precious metals? Silver is 0.3% lower, platinum is 0.3% hlower and palladium is 0.6% lower. So the main precious metals’ prices are lower this morning.

Yesterday’s Consumer Price Index release has been lower than expected at +0.1% m/m. Today the markets will be waiting for the important FOMC release at 2:00 p.m. and the FOMC Press Conference at 2:30 p.m.

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

Wednesday, December 14

  • 2:00 a.m. U.K. - CPI y/y
  • 8:30 a.m. U.S. - Import Prices m/m
  • 2:00 p.m. U.S. - FOMC Statement, Federal Funds Rate, FOMC Economic Projections
  • 2:30 p.m. U.S. - FOMC Press Conference
  • 7:30 p.m. Australia - Employment Change, Unemployment Rate

Thursday, December 15

  • 7:00 a.m. U.K. - Monetary Policy Summary, Official Bank Rate, MPC Official Bank Rate Votes
  • 8:15 a.m. Eurozone - Monetary Policy Statement, Main Refinancing Rate
  • 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index, Philly Fed Manufacturing Index, Unemployment Claims
  • 8:45 a.m. Eurozone - ECB Press Conference
  • 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
  • 10:00 a.m. U.S. - Business Inventories m/m
  • 4:00 p.m. U.S. - TIC Long-Term Purchases

Paul Rejczak
Stock Trading Strategist