Daily Gold News: Dec. 9 – Gold Is Above $1,800 Again
Gold price gets closer to local highs again, as markets await important data releases.
The gold futures contract gained 0.19% on Thursday, Dec. 8, as it slightly extended its short-term advance following Monday’s retreat. On Monday gold sold off after much better than expected ISM Services PMI release, but then it went sideways despite strengtheing U.S. dollar and accompanying stock market’s sell-off. This morning gold is trading above the $1,800 level, as we can see on the daily chart (the chart includes today’s intraday data):
Today the gold price is 0.6% higher, as it is extending its short-term uptrend. What about the other precious metals? Silver is 0.1% higher, platinum is 0.2% lower and palladium is virtually flat. So the main precious metals’ prices are slightly higher again this morning.
Yesterday’s Unemployment Claims release has been as expected at 230,000. Today we will get the important Producer Price Index release at 8:30 a.m. The markets will be waiting for an even more important Tuesday’s Consumer Price Index, and Wednesday’s FOMC releases.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Friday, December 9
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations, Final Wholesale Inventories m/m
Monday, December 12
- 2:00 a.m. U.K. - GDP m/m
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
- 3:25 p.m. Canada - BOC Governor Macklem Speech
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