Daily Gold News: September 27 – Gold Price Extends Its Downtrend
Gold is the lowest since early July; it’s getting closer to $1,900
The gold futures contract lost 0.87% on Tuesday, September 26 as it broke below its mid-September local low of around $1,922. Gold continues its sell-off on tightening monetary policy fears, strengthening U.S. dollar, among other factors. Last week on Wednesday it reached a local high of around $1,969 before reversing lower. 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.
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 again 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 closer to the $1,910 level. Right now it is the lowest since early July. What about the other precious metals? Silver is 0.2% lower platinum is 0.4% lower and palladium is 0.8% higher. So the main precious metals’ prices are lower this morning.
Yesterday’s Consumer Confidence release has been lower than expected at 103.0. Today we will get the Durable Goods Orders release at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, September 27
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
Thursday, September 28
- 3:00 a.m. Eurozone - Spanish Flash CPI y/y
- 8:30 a.m. U.S. - Final GDP q/q, Final GDP Price Index q/q, Unemployment Claims
- 9:00 a.m. U.S. - FOMC Member Goolsbee Speech
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 1:00 p.m. U.S. - FOMC Member Cook Speech
- 4:00 p.m. U.S. - Fed Chair Powell Speech
- 7:30 p.m. Japan - Tokyo Core CPI y/y
- All Day, Eurozone - German Preliminary CPI m/m
- All Day, China - Bank Holiday
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