Daily Gold News: September 11 – Gold Remains Close to $1,950
Gold price extends its consolidation ahead of Wednesday’s CPI release.
The gold futures contract gained 0.01% on Friday, September 8 as it extended a short-term consolidation following the recent declines. Last week the market was reacting negatively to strengthening U.S. dollar, economic data. In late August gold was rallying amidst reduced pressure for the further monetary policy tightening. On Friday Septemeber 1 it reached $1,980 and last week’s local lows were at around $1,940.
On June 29 gold was the lowest since mid-March (the low was at $1,900.60). In May gold retreated from new 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 higher as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher as it is trading slightly below the $1,950 level. What about the other precious metals? Silver is 0.7% higher platinum is 0.5% higher and palladium is 0.6% higher. So the main precious metals’ prices are higher this morning.
Friday’s Final Wholesale Inventories release has been lower than expected at -0.2% m/m. Today we won’t get any new important economic data. The markets will be waiting for the important U.S. Consumer Price Index release on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, September 11
- 9:30 p.m. Australia - NAB Business Confidence
Tuesday, September 12
- 2:00 a.m. U.K. - Claimant Count Change
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 6:00 a.m. U.S. - NFIB Small Business Index
- 1:01 p.m. U.S. - 10-y Bond Auction
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