Daily Gold News: Dec. 30 – Gold Is Still Close to $1,800

Gold price continues sideways on the last trading day of the year.

The gold futures contract gained 0.56% on Thursday, Dec. 29, as it continued to trade slightly above the $1,800 level. It further extended a month-long consolidation. On Tuesday gold price reached new medium-term local high of $1,841.90, and it was the highest since late June. Last week on Tuesday it rallied on Bank of Japan’s monetary policy release, but then the market came back slightly below the 1,800 level again. Recently the yellow metal fluctuated following Central Banks’ monetary policy releases, stock markets’ declines. This morning gold is trading slightly higher, as we can see on the daily chart (the chart includes today’s intraday data):

Today the gold price is 0.1% higher, as it continues to trade above the $1,800 level. What about the other precious metals? Silver is virtually flat, platinum is 0.5% higher and palladium is 1.0% lower. So the main precious metals’ prices are little changed this morning.

Yesterday’s Unemployment Claims release has been as expected at 225,000. Today we will get the Chicago PMI release at 9:45 a.m. It is the last trading day of the year, but the markets are very calm so far.

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

Friday, December 30

  • 9:45 a.m. U.S. - Chicago PMI

Monday, January 2

  • 3:55 a.m., Eurozone - German Final Manufacturing PMI
  • All Day, U.S. - Bank Holiday
  • All Day, Canada - Bank Holiday
  • All Day, U.K. - Bank Holiday
  • All Day, Japan - Bank Holiday

Paul Rejczak
Stock Trading Strategist