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Daily Gold News: August 12 – Precious Metals’ Slump, Gold Retraced 10% Off Friday’s Record High

By:
Paul Rejczak
Published: Aug 12, 2020, 12:47 UTC

The gold futures contract lost 4.58% on Tuesday, as it accelerated its short-term decline from Friday’s new record high price level of $2,089.20.

Gold

The gold futures contract lost 4.58% on Tuesday, as it accelerated its short-term decline from Friday’s new record high price level of $2,089.20. The market has reversed sharply lower following Friday’s Nonfarm Payrolls release, among other factors. Yesterday’s sell-off has been significant, as gold price got close to $1,900 mark.

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Gold is 1.0% higher this morning after breaking well below $1,900 and bouncing back. What about the other precious metals? Silver lost a stunning 10.98% on Tuesday and today it is 1.8% higher. Platinum lost 3.12% and today it is unchanged. Palladium lost 4.20% on Tuesday and today it’s 1.2% higher. So precious metals are retracing some of their sharp decline this morning.

Yesterday’s U.S. Producer Price Index release has been bigger than expected at +0.6%. And today we will get the Consumer Price Index at 8:30 a.m. We will also get a speech from the FOMC Member Kaplan at 11:00 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Wednesday, August 12

  • 8:30 a.m. U.S. – CPI m/m, Core CPI m/m
  • 11:00 a.m. U.S. – FOMC Member Kaplan Speech
  • 1:01 p.m. U.S. – 10-y Bond Auction
  • 2:00 p.m. U.S. – Federal Budget Balance
  • 9:30 p.m. Australia – Employment Change, Unemployment Rate

Thursday, August 13

  • 8:30 a.m. U.S. – Unemployment Claims, Import Prices m/m
  • 1:01 p.m. U.S. – 30-y Bond Auction
  • 7:30 p.m. Australia – RBA Governor Lowe Speech
  • 10:00 p.m. China – Fixed Asset Investment ytd/y, Industrial Production y/y, Retail Sales y/y, Unemployment Rate

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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

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About the Author

Paul Rejczakcontributor

Stock market strategist, who has been known for the quality of his technical and fundamental analysis since the late nineties.

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