Daily Gold News: July 14 – Gold Price Remains Close to $1,960
Gold continues to trade sideways as markets digest weaker U.S. dollar.
The gold futures contract gained 0.11% on Thursday, July 13 as it slightly extended its Wednesday’s advance of 1.3% and a breakout above the recent trading range. On Wednesday it broke higher following slightly lower than expected Consumer Price Index release. Precious metals’ prices followed 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 slightly lower as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower this morning as it is trading along the $1,960 level. What about the other precious metals? Silver is 0.4% lower, platinum is 0.4% lower and palladium is 1.4% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s Producer Price Index release has been lower than expected at +0.1% m/m. Today we will get the Preliminary UoM Consumer Sentiment release, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Monday, July 17
- 4:15 a.m. Eurozone - ECB President Lagarde Speech
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- 9:30 p.m. Australia - Monetary Policy Meeting Minutes
- All Day - G20 Meetings
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