Daily Gold News: June 13 – Gold Price Remains Close to $1,980
Gold extends its consolidation ahead of today’s consumer inflation data.
The gold futures contract lost 0.38% on Monday, June 12 as it continued to fluctuate within a short-term consolidation. Volatility remains low ahead of series of economic data releases. Gold keeps trading sideways following its mid-May selloff. It was selling off on strengthening U.S. dollar, among other factors. In early May the yellow metal retreated from the new medium-term high of $2,085.40.
In early March gold was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from the local low of around $1,813.
Today gold is retracing its yesterday’s decline 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 along the $1,980 level again. What about the other precious metals? Silver is 0.6% higher, platinum is 0.5% lower and palladium is 1.3% higher. 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. The markets will be also waiting for tomorrow’s FOMC Statement release, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, June 13
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - CPI m/m, CPI y/y, Core CPI m/m
- 10:00 a.m. U.K. - BOE Governor Bailey Speech
Wednesday, June 14
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
- 2:00 p.m. U.S. - FOMC Statement, FOMC Economic Projections, Federal Funds Rate
- 2:30 p.m. U.S. - FOMC Press Conference
- 9:30 a.m. Australia - Employment Change, Unemployment Rate
- 10:00 p.m. China - Industrial Production y/y, Retail Sales y/y
Stock Trading Strategist