Gold price breaks lower on stronger U.S. dollar, monetary policy fears.
The gold futures contract lost 0.46% on Monday, September 25 as it went closer to the last Thursday’s local low of around $1,933. Last week gold price was going lower after the FOMC monetary policy release. On Wednesday it reached a local high of around $1,969 before reversing lower. 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 lower as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% lower as it is trading along the $1,930 level again. What about the other precious metals? Silver is 0.5% lower platinum is 1.1% lower and palladium is 1.2% lower. So the main precious metals’ prices are lower this morning.
Today we will get the important Consumer Confidence release at 10:00 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).
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
Wednesday, September 27
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
Paul Rejczak
Stock Trading Strategist