Daily Gold News: October 13 – Gold Price Breaking Above $1,900
Gold trades higher as geopolitical risks mount, among other factors.
The gold futures contract lost 0.23% on Thursday, October 12 as it fluctuated following its recent advances. Last week on Friday gold reached new local low of $1,823.50. It was the lowest since early March, but the market rallied after monthly jobs data release. Earlier gold kept selling off after economic data releases, strong U.S. dollar.
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 extending the uptrend as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.1% higher as it’s breaking above the $1,900 level. What about the other precious metals? Silver is 1.6% higher platinum is 0.4% lower and palladium is 0.3% lower. So the main precious metals’ prices are higher this morning.
Yesterday’s important Consumer Price Index release has been slightly higher than expected at +0.4% m/m. Today we will get the Michigan Sentiment release at 10:00 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, October 13
- 4:00 a.m. U.K. - BOE Governor Bailey Speech
- 9:00 a.m. U.S. - FOMC Member Harker Speech
- 9:00 a.m. Eurozone - ECB President Lagarde Speech
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- All Day - IMF Meetings
Monday, October 16
- 8:30 a.m. U.S. - Empire State Manufacturing Index
- 10:30 a.m. U.S. - FOMC Member Harker Speech
- 4:30 p.m. U.S. - FOMC Member Harker Speech
- 8:30 p.m. Australia - Monetary Policy Meeting Minutes
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