Daily Gold News: June 13 – Gold Going Sideways Despite Data

Gold price fluctuates after important data; today’s PPI release in focus.

The gold futures contract gained 1.21% on Wednesday, June 12, as it rebounded after a lower-than-expected consumer inflation data. It was as high as $2,358.80, retracing some of its last Friday’s sell-off of around 2.8%. On Friday, gold broke below the 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 lower after yesterday’s Fed release, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: June 13 – Gold Going Sideways Despite Data - Image 1

The gold price is 1.1% lower, as it is trading along the $2,330 level. What about the other precious metals? Silver is 3.3% lower, platinum is 1.7% lower and palladium is 1.6% lower. So, the main precious metals’ prices are lower this morning.

Yesterday’s CPI release has been slightly lower than expected at 0.0% m/m. Today, we will get the Producer Price Index and Unemployment Claims releases 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).

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

Friday, June 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
  • 1:30 p.m. Eurozone - ECB President Lagarde Speech
  • Tentative, Japan - BOJ Press Conference

Paul Rejczak
Stock Trading Strategist