Daily Gold News: September 25 – Gold Trading Sideways Again
Gold price remains below $1,950 as markets await tomorrow’s economic data.
The gold futures contract gained 0.31% on Friday, September 22 as it bounced following Thursday’s decline of 1.4%. On Wednesday and Thursday it went lower after the FOMC monetary policy release. On Wednesday gold reached a local high of around $1,969 before reversing lower and on Thursday it bounced from the local low of around $1,933. Recently the yellow metal was gaining despite stronger U.S. dollar, stock markets’ weakness. In late August it was rallying amidst reduced pressure for the further monetary policy tightening and on Septemeber 1 it reached a local high of $1,980.
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 sideways as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower as it is trading above the $1,940 level again. What about the other precious metals? Silver is 0.2% higher platinum is 0.5% lower and palladium is 0.5% lower. So the main precious metals’ prices are virtrually flat this morning.
Friday’s Flash Manufacturing PMI and Flash Services PMI releases have been mixed. Today we won’t get any new important economic data. The markets will be waiting for tomorrow’s Consumer Confidence number.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, September 25
- 1:35 a.m. Japan - BOJ Governor Ueda Speech
- 4:00 a.m. Eurozone - German ifo Business Climate
- 9:00 a.m. Eurozone - ECB President Lagarde Speech
- 6:00 p.m. U.S. - FOMC Member Kashkari Speech
Tuesday, September 26
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - CB Consumer Confidence, New Home Sales, Richmond Manufacturing Index
- 1:30 p.m. U.S. - FOMC Member Bowman Speech
- 9:30 p.m. Australia - CPI y/y
Stock Trading Strategist