Gold price advanced following the CPI release; today, it’s slightly below $2,400.
The gold futures contract gained 1.48% on Wednesday, May 15, as it broke above the recent trading range following consumer inflation data which was lower than expected. Gold reached a new local high and went closer to the $2,400 level yesterday.
In mid-April, gold was selling off from a new record high of $2,448.80 reached on April 12. On April 19, the yellow metal reached a local high of around $2,433 in a reaction to the stock market’s sell-off amid Middle East tensions.
On February 14, gold was the lowest since mid-December, after breaking below local lows from January on the consumer inflation release. Since then, it gained over $450.
This morning, 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, as it is trading along the $2,390 level. What about the other precious metals? Silver is 0.8% higher, platinum is 0.9% higher and palladium is 0.4% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Consumer Price Index release has been lower than expected at +0.3% m/m, and the Retail Sales release has also been lower at 0.0% m/m. Today, we will get the Unemployment Claims and Philly Fed Manufacturing Index numbers 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, May 16
- 4:00 a.m. Eurozone - ECB Financial Stability Review
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index, Building Permits, Housing Starts, Import Prices m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - FOMC Member Barr Speech
- 12:00 p.m. U.S. - FOMC Member Mester Speech
- 3:50 p.m. U.S. - FOMC Member Bostic Speech
- 10:00 p.m. China - Industrial Production y/y, Retail Sales y/y
Friday, May 17
- 10:00 a.m. U.S. - CB Leading Index m/m
- 10:15 a.m. U.S. - FOMC Member Waller Speech
Paul Rejczak
Stock Trading Strategist