Daily Gold News: July 11 – Gold Price Trading Higher
Gold gets closer to $1,950 as markets await Wednesday’s CPI data.
The gold futures contract lost 0.08% on Monday, July 10 as it continued to fluctuate within a consolidation along the $1,920 level. Recently it went sideways following the rebound from new local low of $1,900.60. On Thursday June 29 it was the lowest since mid-March. In the first half of June gold has been fluctuating along the $1,920 level, but a stronger U.S. dollar, stock markets’ advances pushed the yellow metal’s price lower.
In May gold retreated from new medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from local low of around $1,813.
Today gold is trading higher as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% higher this morning as it is trading above the $1,940 level. What about the other precious metals? Silver is 0.2% higher, platinum is 0.4% higher and palladium is 0.2% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s Final Wholesale Inventories release has been slightly lower than expected at 0.0% m/m. The markets will be waiting for the important CPI release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, July 11
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y,
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 6:00 a.m. U.S. - NFIB Small Business Index
- 11:10 p.m. Australia - RBA Governor Lowe Speech
- Tentative, U.S. - IBD/TIPP Economic Optimism
Wednesday, July 12
- 4:00 a.m. U.K. - BOE Governor Bailey Speech
- 8:30 a.m. U.S. - CPI m/m, CPI y/y, Core CPI m/m
- 9:45 a.m. U.S. - FOMC Member Kashkari Speech
- 10:00 a.m. U.S. - BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
- 11:00 a.m. U.S. - BOC Press Conference
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - Beige Book
Stock Trading Strategist