Daily Gold News: July 12 – Gold Trades Sideways Ahead of CPI Data
Gold price continues to trade below $1,950 as markets await inflation number.
The gold futures contract gained 0.32% on Tuesday, July 11 as it went closer to the $1,950 price level. Recently it was going 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 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 0.1% higher this morning as it is still trading along the $1,940 level. What about the other precious metals? Silver is 0.2% higher, platinum is 1.1% higher and palladium is 1.1% higher. So the main precious metals’ prices are slightly higher this morning.
The markets will be waiting for the important CPI release at 8:30 a.m. There will likely be an increased volatility after the announcement. We will also have the Beige Book release at 2:00 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, July 13
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 1:01 p.m. U.S. - 30-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
- 6:45 p.m. U.S. - FOMC Member Waller Speech
- All Day, U.S. - Bank Holiday
- All Day, Eurozone - EU Economic Forecasts, Eurogroup Meetings
Stock Trading Strategist