Daily Gold News: January 30 – Gold Keeps Advancing
Gold price extends its long-term uptrend, breaking the $2,800 level.
The gold futures contract gained 0.94% on Wednesday, January 29, as it continued its uptrend, reaching new record highs above the $2,800 level. Gold keeps advancing despite some uncertainty in the stock market. On December 20, the market rebounded from its post-Fed local lows of around $2,600.
On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections. Gold extended its decline from the October 29 record high of $2,801.80, reaching a local low of $2,541.50.
This morning, gold is higher again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.9% higher, as it is trading above the $2,800 level. What about the other precious metals? Silver is 1.8% higher, platinum is 1.7% higher and palladium is 2.3% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s FOMC release brought increased volatility for the markets. Today, we will get the important Advance GDP and Unemployment Claims numbers 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).
Thursday, January 30
- 3:00 a.m. Eurozone - Spanish Flash CPI y/y
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - Advance GDP q/q, Unemployment Claims, Advance GDP Price Index q/q
- 8:45 a.m. Eurozone - ECB Press Conference
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 6:30 p.m. Japan - Tokyo Core CPI y/y
- All Day, China - Bank Holiday
Friday, January 31
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Employment Cost Index q/q, Personal Income m/m, Personal Spending m/m, FOMC Member Bowman Speech
- 9:45 a.m. U.S. - Chicago PMI
- All Day, Eurozone - German Preliminary CPI m/m
Paul Rejczak
Stock Trading Strategist