Gold remains close to $2,000 price level as markets await the U.S. GDP data.
The gold futures contract gained 0.44% on Wednesday, October 25 as it conitnued to fluctuate within a short-term consolidation following 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 the price closed below the $2,000 level. On Tuesday the yellow metal retraced more of the advance. It was briefly below $1,970 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 closer to $2,000 again as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher as it is trading along yesterday’s closing price. What about the other precious metals? Silver is 0.6% higher platinum is 0.2% higher and palladium is 0.4% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s U.S. New Home Sales release has been higher than expected at +759,000. Today we will get the important Advance GDP release 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, October 26
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - Advance GDP q/q, Unemployment Claims, Advance GDP Price Index q/q, Durable Goods Orders m/m, Core Durable Goods Orders m/m, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 8:45 a.m. Eurozone - ECB Press Conference
- 9:00 a.m. U.S. - FOMC Member Waller Speech
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 7:30 p.m. Japan - Tokyo Core CPI y/y
Friday, October 27
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 9:00 a.m. U.S. - FOMC Member Barr Speech
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
Paul Rejczak
Stock Trading Strategist