Daily Gold News: September 29 – Gold Price Remains Below $1,900

Gold reached new medium-term low, markets await further economic data.

The gold futures contract lost 0.65% on Thursday, September 28 as it continued its downtrend on monetary policy fears, strong U.S. dollar. Yesterday gold reached new local low of $1,874.50 and it was the lowest since mid-March.

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. In May gold retreated from 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 bouncing as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: September 29 – Gold Price Remains Below $1,900 - Image 1

The gold price is 0.3% higher as it is trading above the $1,880 level. What about the other precious metals? Silver is 2.0% higher platinum is 0.9% higher and palladium is 0.8% higher. So the main precious metals’ prices are higher this morning.

Yesterday’s Unemployment Claims release has been lower than expected at 204,000. Today we will get the important Core PCE Price Index release at 8:30 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).

Friday, September 29

  • 3:40 a.m. Eurozone - ECB President Lagarde Speech
  • 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
  • 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m, Goods Trade Balance, Preliminary Wholesale Inventories m/m
  • 9:45 a.m. U.S. - Chicago PMI
  • 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
  • 12:45 a.m. U.S. - FOMC Member Williams Speech
  • 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI

Monday, October 2

  • 9:45 a.m. U.S. - Final Manufacturing PMI
  • 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
  • 11:00 a.m. U.S. - Fed Chair Powell Speech, FOMC Member Harker Speech
  • 11:30 p.m. Australia - Cash Rate, RBA Rate Statement
  • All Day, Canada – Bank Holiday
  • All Day, China – Bank Holiday

Paul Rejczak
Stock Trading Strategist