Daily Gold News: September 12 – Gold Reaches New Local Lows
Gold price trades lower ahead of tomorrow’s consumer inflation data.
The gold futures contract gained 0.23% on Monday, September 11 as it remained within 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 breaking below the recent lows as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% lower as it is trading below the $1,940 level. What about the other precious metals? Silver is 0.9% lower platinum is 0.8% lower and palladium is 0.7% lower. So the main precious metals’ prices are lower this morning.
The markets will be waiting for the important U.S. Consumer Price Index release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Wednesday, September 13
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 1:01 p.m. U.S. - 30-y Bond Auction
- 9:30 p.m. Australia - Employment Change, Unemployment Rate
Stock Trading Strategist