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):

Daily Gold News: July 28 – Gold Is Close to $1,950 Again - Image 1

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

Paul Rejczak
Stock Trading Strategist