Daily Gold News: February 16 – Gold Remains Above $2,000

Gold price is extending a rebound; today’s PPI data in focus.

The gold futures contract gained 0.53% on Thursday, February 15, as it retraced some of its Tuesday’s decline of 1.3%. On Wednesday, the market bounced from a new local low of $1,996.40, and on Tuesday, it accelerated a short-term downtrend after higher than expected Consumer Price Index release. Yesterday, gold was the lowest since mid-December, after breaking 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 extending its rebound slightly, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: February 16 – Gold Remains Above $2,000 - Image 1

The gold price is 0.2% higher, as it is trading along the $2,020 level. What about the other precious metals? Silver is 0.3% higher, platinum is 0.6% lower and palladium is 1.2% lower. So the main precious metals’ prices are higher this morning.

Yesterday’s Retail Sales release has been worse than expected at -0.8% m/m. Today, we will get the important Producer Price Index release at 8:30 a.m., among others.

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

Friday, February 16

  • 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Building Permits, Housing Starts
  • 9:10 a.m. U.S. - FOMC Member Barr Speech
  • 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
  • 12:10 p.m. U.S. - FOMC Member Daly Speech

Monday, February 19

  • 7:30 p.m. Australia - Monetary Policy Meeting Minutes
  • 8:15 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate
  • All Day, U.S. - Bank Holiday
  • All Day, Canada - Bank Holiday

Paul Rejczak
Stock Trading Strategist