Daily Gold News: July 13 – Gold Broke Higher After CPI Release
Gold price is above the recent trading range; more economic data in focus today.
The gold futures contract gained 1.27% on Wednesday, July 12 as it broke above the recent trading range following slightly lower than expected Consumer Price Index release. Precious metals’ prices followed a weakening U.S. dollar, among other factors. Recently gold was going sideways after bouncing from new local low of $1,900.60. On June 29 it was the lowest since mid-March.
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 the 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 trading above the $1,960 level. What about the other precious metals? Silver is 0.7% higher, platinum is 1.2% higher and palladium is 1.2% higher. So the main precious metals’ prices are mixed this morning.
Yesterday’s important CPI release has been lower than expected at +0.2% m/m and +3.0% y/y. Today we will get the Producer Price Index and Unemployment Claims releases at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Friday, July 14
- 8:30 a.m. U.S. - Import Prices m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- All Day, Eurozone - French Bank Holiday
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