Daily Gold News: October 24 – Gold Trades Lower
Gold Price is retracing some of the recent advances after bouncing from $2,000 level.
The gold futures contract lost 0.33% on Monday, October 23 as it fluctuated following its recent advances. Last week gold rallied on increasing global geopolitcal risks, interest rates fears, among other factors. On Friday the daily high was at $2,009.20, but gold price closed below the $2,000 level. Yesterday the yellow metal retraced some more of the advance.
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 lower again as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.9% lower as it is trading along the $1,970 level. What about the other precious metals? Silver is 1.5% lower platinum is 1.5% lower and palladium is 0.9% lower. So the main precious metals’ prices are lower this morning.
Today we will get the important U.S. Flash Manufacturing PMI and Flash Services PMI releases at 9:45 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, October 25
- 4:00 a.m. Eurozone - German ifo Business Climate
- 10:00 a.m. U.S. - New Home Sales
- 10:00 a.m. Canada - BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
- 11:00 a.m. Canada - BOC Press Conference
- 1:00 p.m. Eurozone - ECB President Lagarde Speech
- 4:35 p.m. U.S. - Fed Chair Powell Speech
Stock Trading Strategist