Daily Gold News: Dec. 23 – Gold Is Back at $1,800 Level
Gold price is closer to the $1,800 level again, as it extends its almost month-long consolidation.
The gold futures contract lost 1.65% on Thursday, Dec. 22, as it retraced its Tuesday’s advance of 1.5% and continued to fluctuate within a consolidation along the $1,800 price level. On Tuesday the market rallied on Bank of Japan’s monetary policy release. Last week on Tuesday gold price reached new local high of $1,836.90 and it was the highest since the end of June, but then it came back below the 1,800 level. Recently the yellow metal fluctuated following Central Banks’ monetary policy releases, stock markets’ declines. This morning gold is trading close to the $1,800 level, as we can see on the daily chart (the chart includes today’s intraday data):
Today the gold price is 0.3% higher, as it is trading slightly below the $1,800 level. What about the other precious metals? Silver is 1.1% higher, platinum is 1.5% higher and palladium is 1.4% lower. So the main precious metals’ prices are higher this morning.
Yesterday’s Final GDP and Unemployment Claims releases have been better than expected. Today we will get the important Core PCE Price Index release, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Friday, December 23
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Canada - GDP m/m
- 10:00 a.m. U.S. - New Home Sales, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
Monday, December 26
- All Day, Eurozone - German Bank Holiday, Italian Bank Holiday
- All Day, U.S. - Bank Holiday
Stock Trading Strategist