Daily Gold News: July 28 – Gold Is Close to $1,950 Again
Gold price went lower on strong U.S. dollar, economic data.
The gold futures contract lost 1.24% on Thursday, July 27 as it retraced all of the recent rebound and it went the lowest since mid-July. The market reacted to economic data releases and a strengthening U.S. dollar, among other factors.
On June 29 gold was the lowest since mid-March (the low was at $1,900.60). 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 bouncing 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 $1,950 level. What about the other precious metals? Silver is also 0.5% higher, platinum is 0.4% higher and palladium is 0.4% lower. So the main precious metals’ prices are higher this morning.
Yesterday’s Advance GDP release has been higher than expected at +2.4% 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, July 28
- 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
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- Tentative, Japan - BOJ Press Conference
- All Day, Eurozone - German Preliminary CPI m/m
Monday, July 31
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 9:45 a.m. U.S. - Chicago PMI
- 9:45 p.m. China - Caixin Manufacturing PMI
- Tentative, U.S. - Loan Officer Survey
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