Daily Gold News: October 23 – Gold Price Remains Close to $2,000

Paul-Rejczak Paul Rejczak Oct 23, 2023

Gold extended its rally on Friday; geopolitics, economic data in focus.

The gold futures contract gained 0.70% on Friday, October 20 as it accelerated the uptrend on increasing global geopolitcal risks, among other factors. The daily high was at $2,009.20, but gold price closed below the $2,000 level. On October 6 gold reached new local low of $1,823.50. It was the lowest since early March, but the market bounced after monthly jobs data release, among other factors. Earlier gold kept selling off on economic data releases, strong U.S. dollar. On Friday gold was the highest since late July.

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

Daily Gold News: October 23 – Gold Price Remains Close to $2,000 - Image 1

The gold price is 0.2% lower as it is trading along the $1,990 level. What about the other precious metals? Silver is 0.5% lower platinum is 0.5% lower and palladium is unchanged. So the main precious metals’ prices are slightly lower this morning.

Today we won’t get any new important economic data. Tomorrow we will get important PMI numbers from the U.S. and Europe. The markets will keep reacting on geopolitics.

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

Monday, October 23

  • No important economic data announcements

Tuesday, October 24

  • 2:00 a.m. U.K. - Claimant Count Change
  • 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
  • 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
  • 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
  • 4:00 a.m. Australia - RBA Governor Bullock Speech
  • 4:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
  • 8:30 a.m. Eurozone - ECB President Lagarde Speech
  • 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. - Richmond Manufacturing Index
  • 8:30 p.m. Australia - CPI q/q, CPI y/y, Trimmed Mean CPI q/q

Paul Rejczak
Stock Trading Strategist