Daily Gold News: February 14 – Gold Price Came Back to $2,000

Gold sold off on consumer inflation data; today, it’s trading along previous lows.

The gold futures contract lost 1.27% on Tuesday, February 13, as it accelerated its short-term downtrend following higher than expected Counsumer Price Index release. Yesterday, gold was the lowest since mid-December, breaking slightly below local lows from January.

In late January, gold was declining, but it quickly recovered losses, remaining above $2,000 mark. In early February, it bounced to the local high of $2,083.20, but then it declined and broke below the $2,050 level.

This morning gold is trading slightly below its yesterday’s close, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: February 14 – Gold Price Came Back to $2,000 - Image 1

The gold price is 0.1% lower, as it is trading along the $2,000 level. What about the other precious metals? Silver is 0.3% lower, platinum is 1.2% higher and palladium is 1.4% higher. So the main precious metals’ prices are slightly lower this morning.

Yesterday’s Consumer Price Index release has been higher than expected at +0.3% m/m and +3.1% y/y. Today, we won’t get any new important economic data. The markets will be waiting for tomorrow’s Retail Sales number.

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

Wednesday, February 14

  • 2:00 a.m. U.K. - CPI y/y, Core CPI y/y,
  • 10:00 a.m. U.K. - BOE Governor Bailey Speech
  • 4:00 p.m. U.S. - FOMC Member Barr Speech
  • 7:30 p.m. Australia - Employment Change, Unemployment Rate
  • All Day, China – Bank Holiday

Thursday, February 15

  • 2:00 a.m. U.K. - GDP m/m, Preliminary GDP q/q
  • 3:00 a.m. Eurozone - ECB President Lagarde Speech
  • 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims, Empire State Manufacturing Index, Import Prices m/m
  • 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
  • 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
  • 1:15 p.m. U.S. - FOMC Member Waller Speech
  • 4:00 p.m. U.S. - TIC Long-Term Purchases
  • 7:00 p.m. U.S. - FOMC Member Bostic Speech
  • All Day, China – Bank Holiday

Paul Rejczak
Stock Trading Strategist