Daily Gold News: June 14 - Gold Is Closer to $1,950 Again, Fed In Focus

Gold price went closer to its recent lows again as investors await Fed’s release.

The gold futures contract lost 0.56% on Tuesday, June 13 as it came back closer to the recent local lows and the $1,950 price level. The market reacted to a lower-than-expected consumer inflation data release, among others. Investors are waiting for today’s FOMC announcement.

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 trading along its yesterday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: June 14 - Gold Is Closer to $1,950 Again, Fed In Focus - Image 1

The gold price is 0.1% lower this morning as it is trading along the $1,960 level again. What about the other precious metals? Silver is 0.6% higher, platinum is 0.6% lower and palladium is 0.2% higher. So the main precious metals’ prices are mixed this morning.

Yesterday’s Consumer Price Index release has been slightly lower than expected at +4.0% y/y and +0.1% m/m. Today we will get the Producer Price Index release at 8:30 a.m. and the important FOMC Statement release at 2:00 p.m. followed by the Fed Chair Powell’s conference at 2:30 p.m. The markets will be very volatile later in the day.

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

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

Thursday, June 15

  • 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
  • 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims,
  • Empire State Manufacturing Index, Philly Fed Manufacturing Index, Import Prices m/m
  • 8:45 a.m. Eurozone - ECB Press Conference
  • 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
  • 10:00 a.m. U.S. - Business Inventories m/m
  • 4:00 p.m. U.S. - TIC Long-Term Purchases
  • Tentative, Japan - Monetary Policy Statement, BOJ Policy Rate

Paul Rejczak
Stock Trading Strategist