Gold price extended its advances; producer inflation data in focus.
The gold futures contract gained 1.41% on Wednesday, December 11, as it continued its short-term uptrend after breaking above the recent trading range on Monday. The market reached the $2,760 price level yesterday. Last week, it continued to fluctuate following its late November rebound.
On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections. Gold extended its decline from the October 29 record high of $2,801.80, reaching a local low of $2,541.50. In October, the yellow metal kept gaining amid strengthening U.S. dollar, geopolitical tensions, among others.
This morning, gold is pulling back, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% lower, as it is trading along the $2,740 level. What about the other precious metals? Silver is 0.3% lower, platinum is unchanged and palladium is 0.1% higher. So, the main precious metals’ prices are lower this morning.
Yesterday’s Consumer Price Index release has been as expected at +0.3% month-over-month. Today, we will get the ECB interest rate decision at 8:15 a.m., and the Producer Price Index release at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, December 12
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 8:45 a.m. Eurozone - ECB Press Conference
- 1:01 p.m. U.S. - 30-y Bond Auction
Friday, December 13
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - Import Prices m/m
Paul Rejczak
Stock Trading Strategist