Daily Gold News: Jan. 13 – Gold Price Reaches Above $1,900 Mark

Gold extends its uptrend on weaker U.S. dollar after yesterday’s consumer inflation data.

The gold futures contract gained 1.06% on Thursday, Jan. 12, as it extended its short-term uptrend after breaking slightly above the $1,900 price level. The market reached new medium-term high following the Consumer Price Index release. The data was as expected, but it led to a weaker U.S. dollar. Recently the yellow metal fluctuated following Central Banks’ monetary policy releases, stock markets’ declines. This morning gold is trading above the $1,900 level, as we can see on the daily chart (the chart includes today’s intraday data):

Today the gold price is 0.2% higher, as it is trading at new medium-term highs. What about the other precious metals? Silver is 0.4% lower, platinum is 0.8% lower and palladium is 1.7% lower. So the main precious metals’ prices are mixed this morning.

Yesterday’s Consumer Price Index release has been as expected at -0.1% m/m. Today we will get the Preliminary UoM Consumer Sentiment release at 10:00 a.m.

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

Friday, January 13

  • 2:00 a.m. U.K. - GDP m/m
  • 8:30 a.m. U.S. - Import Prices m/m
  • 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations

Monday, January 16

  • 9:00 p.m. China - GDP q/y
  • All Day, Eurozone - Eurogroup Meetings
  • All Day - WEF Annual Meetings
  • All Day, U.S. - Bank Holiday

Paul Rejczak
Stock Trading Strategist