Daily Gold News: Feb. 17 – Gold Price Breaks Below $1,850
Gold extends its downtrend following PPI release, as Fed’s tightening fears reappear.
The gold futures contract gained 0.35% on Thursday, Feb. 16, as it bounced following its Wednesday’s decline of 1.1%. The market continued to trade along the $1,850 level yesterday. The yellow metal was gaining after the PPI release, but it retraced its advance and this morning it’s trading below the recent local lows.
On February 2 gold reached new medium-term high of $1,975.02. Then the market retraced its month-long advance on renewed monetary policy tightening fears. In early January gold has been advancing on weaker U.S. dollar and then it fluctuated after Central Banks’ monetary policy releases, stock markets’ volatility. Today gold is trading well below the $1,850 level, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is trading 0.6% lower this morning. What about the other precious metals? Silver is 1.4% lower, platinum is 1.3% lower and palladium is 3.5% lower. So the main precious metals’ prices are lower this morning.
Yesterday’ Producer Price Index release has been higher than expected at +0.7% m/m. Today we will get the CB Leading Index and a speech from the FOMC Member Bowman.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Friday, February 17
- 8:45 a.m. U.S. - FOMC Member Bowman Speech
- 10:00 a.m. U.S. - CB Leading Index m/m
Monday, February 20
- All Day, U.S. - Bank Holiday
- All Day, Canada - Bank Holiday
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