Gold price gets closer to $2,000 as U.S. dollar remains relatively weak.
The gold futures contract gained 1.17% on Thursday, November 16 as it extended its rebound from Monday’s local low of $1,935.60. On Monday the market was the lowest since mid-October. Since then gold rallied following Tuesday’s CPI release, weaker U.S. dollar. Last week on Tuesday it broke below the previous trading range on strengthening U.S. dollar, among other factors. Gold was selling off from its previous Friday’s high of $2,012.
On October 6 gold reached new medium-term low of $1,823.50. It was the lowest since early March, but then the market bounced and rallied to $2,000 level. In late August gold price was rallying amidst reduced pressure for the further monetary policy tightening and on Septemeber 1 it reached a local high of $1,980. In May gold retreated from 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 a local low of around $1,813.
Today gold is getting closer to $2,000 as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher as it is trading above $1,990 level. What about the other precious metals? Silver is 0.7% higher, platinum is 1.2% higher and palladium is 1.8% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 231,000. Today we will get Building Permits and Housing Starts releases at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, November 17
- 2:00 a.m. U.K. - Retail Sales m/m
- 3:30 a.m. Eurozone - ECB President Lagarde Speech
- 8:30 a.m. U.S. - Building Permits, Housing Starts
- 9:45 a.m. U.S. - FOMC Member Goolsbee Speech
Monday, November 20
- 1:45 p.m. U.K. - BOE Governor Bailey Speech
- 6:00 p.m. Australia - RBA Governor Bullock Speech
- 7:30 p.m. Australia - Monetary Policy Meeting Minutes
Paul Rejczak
Stock Trading Strategist