Daily Gold News: Jan. 31 – Gold Price Is Closer to $1,900 Again
Gold is breaking below the recent lows, as investors await important economic releases.
The gold futures contract lost 0.34% on Monday, Jan. 30, as it continued to fluctuate within 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 price breaks below its recent local lows, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.0% lower this morning, as it is trading closer to the $1,900 level. What about the other precious metals? Silver is 2.5% lower, platinum is 1.9% lower and palladium is 2.4% lower. So the main precious metals’ prices are lower this morning.
Yesterday we didn’t get any new important economic data announcements. Today the markets will be waiting for the CB Consumer Confidence release at 10:00 a.m., among others, and tomorrow we will get the important FOMC Statement.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
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
Wednesday, February 1
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, JOLTS Job Openings, Construction Spending m/m, ISM Manufacturing Prices
- 2:00 p.m. U.S. - FOMC Statement, Federal Funds Rate
- 2:30 p.m. U.S. - FOMC Press Conference
- All Day - OPEC-JMMC Meetings
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