Daily Gold News: Dec. 27 – Gold Price Is Higher Within Month-Long Range
Precious metals’ prices gain on weaker U.S. dollar, stock markets’ consolidation.
The gold futures contract gained 0.50% on Friday, Dec. 23, as it bounced following its Thursday’s decline of 1.7%. The market continued to fluctuate within a consolidation along the $1,800 price level. Last week on Tuesday it rallied on Bank of Japan’s monetary policy release. On December 13 gold price reached new local high of $1,836.90 and it was the highest since the end of June, but then the market 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 higher within its month-long range again, as we can see on the daily chart (the chart includes today’s intraday data):
Today the gold price is 0.6% higher, as it is trading above the $1,800 level. What about the other precious metals? Silver is 1.9% higher, platinum is 0.4% higher and palladium is 1.7% higher. So the main precious metals’ prices are higher this morning.
Friday’s Core PCE Price Index release has been as expected at +0.2% m/m. Today we will get the Goods Trade Balance, Preliminary Wholesale Inventories releases at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Tuesday, December 27
- 8:30 a.m. U.S. - Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 9:00 a.m. U.S. - HPI m/m, S&P/CS Composite-20 HPI y/y
- All Day, U.K. - Bank Holiday
- All Day, Canada - Bank Holiday
Wednesday, December 28
- 10:00 a.m. U.S. - Pending Home Sales m/m, Richmond Manufacturing Index
Stock Trading Strategist