The markets await important Core PCE Price Index release.
The gold futures contract lost 0.22% on Thursday, June 29 as it further extended its downtrend. The daily low was at $1,900.60 and gold was the lowest since mid-March. Recently it has been bouncing from the $1,920 level, but a stronger U.S. dollar, stock markets’ advances pushed the yellow metal’s price lower.
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 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):
The gold price is 0.2% lower this morning as it is trading below the $1,920 level again. What about the other precious metals? Silver is 0.6% lower, platinum is 1.0% lower and palladium is unchanged. So the main precious metals’ prices are lower this morning.
Yesterday’s Final GDP release has been higher than expected at +2.0% q/q and the Unemployment Claims release has been lower than expected at 239,000. Today we will get the important Core PCE Price Index announcement 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, June 30
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- 10:30 a.m. Canada - BOC Business Outlook Survey
Monday, July 2
- 9:45 p.m. China - Caixin Manufacturing PMI
Paul Rejczak
Stock Trading Strategist