Gold continues to trade slightly below $2,000 level.
The gold futures contract gained 0.13% on Thursday, October 26 as it extended a consolidation along the $2,000 level. Last week gold rallied on increasing global geopolitcal risks, interest rates fears, among other factors. Last Friday the daily high was at $2,009.20, but the price closed below $2,000. On Tuesday the yellow metal retraced more of the advance, it was briefly below $1,970.
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 slightly lower as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% lower as it is trading along the $1,990 level. What about the other precious metals? Silver is 0.2% lower platinum is 0.3% lower and palladium is 0.7% lower. So the main precious metals’ prices are lower this morning.
Yesterday’s important Advance GDP release has been better than expected at +4.9% q/q. Today we will get the Core PCE Price Index 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).
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
- All Day – Euro Summit
Monday, October 30
- 4:00 a.m. Eurozone - Spanish Flash CPI y/y
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
- All Day, Eurozone - German Preliminary CPI m/m
- Tentative, Japan - BOJ Outlook Report, Monetary Policy Statement, BOJ Policy Rate
Paul Rejczak
Stock Trading Strategist