Daily Gold News: January 31 – Gold Price at New Record Highs
Gold is extending its uptrend, reaching new record highs above $2,800.
The gold futures contract gained 1.85% on Thursday, January 30, as it accelerated 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 fluctuating along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged, as it is trading above the $2,840 level. What about the other precious metals? Silver is 0.4% higher, platinum is 0.7% higher and palladium is 0.2% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Advance GDP release has been lower than expected at +2.3% q/q. Today, we will get the important Core PCE 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, 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
Monday, February 3
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- 12:30 p.m. U.S. - FOMC Member Bostic Speech
- 2:00 p.m. U.S. - Loan Officer Survey
- 6:30 p.m. U.S. - FOMC Member Musalem Speech
- All Day, U.S. - Wards Total Vehicle Sales
- All Day - OPEC-JMMC Meetings
Paul Rejczak
Stock Trading Strategist