Daily Gold News: June 12 – Gold Bracing for CPI and Fed Volatility

Gold extends a consolidation ahead of the consumer inflation and Fed releases.

The gold futures contract lost 0.40% on Tuesday, June 11, as it still traded within a short-term consolidation after its last Friday’s sell-off of around 2.8%. On Friday, gold broke below some previous lows following monthly jobs data and a stronger U.S. dollar, among other factors. Recently, it fluctuated after retreating from its May 20 record high of $2,454.20.

In mid-February, gold was the lowest since mid-December, after breaking below local lows from January on consumer inflation release. Since then, it gained over $450.

This morning, gold is trading sideways again, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: June 12 – Gold Bracing for CPI and Fed Volatility - Image 1

The gold price is 0.2% higher, as it is trading along the $2,330 level. What about the other precious metals? Silver is 0.9% higher, platinum is 0.6% lower and palladium is 0.6% lower. So, the main precious metals’ prices are higher this morning.

Today, we will get the important Consumer Price Index release at 8:30 a.m. Investors will be also waiting for the FOMC announcement at 2:00 p.m. and the Fed Chair Powell Press Conference at 2:30 p.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Wednesday, June 12

  • 2:00 a.m. U.K. - GDP m/m
  • 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
  • 2:00 p.m. U.S. - Federal Funds Rate, FOMC Economic Projections, FOMC Statement, Federal Budget Balance
  • 2:30 p.m. U.S. - FOMC Press Conference
  • 3:15 p.m. Canada - BOC Governor Macklem Speech
  • 9:30 p.m. Australia - Employment Change, Unemployment Rate
  • All Day, Eurozone - Eurogroup Meetings

Thursday, June 13

  • 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
  • 12:00 p.m. U.S. - Treasury Secretary Yellen Speech, FOMC Member Williams Speech
  • 1:01 p.m. U.S. - 30-y Bond Auction
  • Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement

Paul Rejczak
Stock Trading Strategist