Gold price is reaching new record highs ahead of tomorrow’s Powell, Wednesday’s CPI.
The gold futures contract gained 0.38% on Friday, February 7, as it fluctuated following its recent advances. However, it reached a new record high above the $2,900 level. Last Monday, it rebounded from its daily low of around $2,800 and reached record highs after tariff news on a weekend. Recently, it kept advancing despite some uncertainty in the stock market. On December 20, the market rebounded from its post-Fed local lows of around $2,600.
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 late October high, reaching a local low of $2,541.50.
This morning, gold is extending its record-breaking rally, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.5% higher, as it is trading above the $2,930 level again. What about the other precious metals? Silver is 0.8% higher, platinum is 2.1% higher and palladium is 1.1% higher. So, the main precious metals’ prices are higher this morning.
Friday’s Nonfarm Payroll release has been lower than expected at +143,000. Today, we won’t get any new important economic data. The market will be waiting for the Fed Chair Powell Testimony tomorrow and on Wednesday, and the key consumer inflation number on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, February 10
- Tentative, U.S. - Cleveland Fed Inflation Expectations
- All Day, Japan - Bank Holiday
Tuesday, February 11
- 6:00 a.m. U.S. - NFIB Small Business Index
- 7:15 a.m. U.K. - BOE Governor Bailey Speech
- 8:50 a.m. U.S. - FOMC Member Hammack Speech
- 10:00 a.m. U.S. - Fed Chair Powell Testimony
- 3:30 p.m. U.S. - FOMC Member Bowman Speech, FOMC Member Williams Speech
Paul Rejczak
Stock Trading Strategist