Daily Gold News: Jan. 30 – Gold Fluctuates Ahead of Wednesday’s Fed
Gold price bounced from $1,950 level once again, as it extended a consolidation.
The gold futures contract lost 0.03% on Friday, Jan. 27, as it extended a consolidation along new medium-term highs. In early January the yellow metal advanced on weaker U.S. dollar following economic data releases, among other factors. Then it fluctuated after Central Banks’ monetary policy releases, stock markets’ volatility. Today gold slightly extended the uptrend once again, before retracing most the intraday advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% lower this morning, as it is trading below the $1,930 level. What about the other precious metals? Silver is 0.3% higher, platinum is unchanged and palladium is 0.8% higher. So the main precious metals’ prices are mixed this morning.
Friday’s important Core PCE Price Index release has been as expected at +0.3% m/m. Today we won’t get any new important economic data announcements. The markets will be waiting for tomorrow’s CB Consumer Confidence and Wednesday’s Fed’s interest rate decision releases.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Monday, January 30
- No important economic data announcements
Tuesday, January 31
- 8:30 a.m. U.S. - Employment Cost Index q/q
- 8:30 a.m. Canada - GDP m/m
- 9:00 a.m. U.S. - HPI m/m, S&P/CS Composite-20 HPI y/y
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - CB Consumer Confidence
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