Daily Gold News: Extend Short-Term Advance as US Dollar Declines
The gold futures contract gained 0.19% on Tuesday, as it got closer to the recent local highs. Today yellow metal’s price is the highest since last week’s Tuesday following bouncing off $1,900 price level again. Recently gold was retracing a rally from around $1,800 to August 7 record high of $2,089.20 in reaction to U.S. dollar advance, among other factors. Then gold has bounced from the support level marked by mid-August local low of around $1,875, as we can see on the daily chart ( the chart includes today’s intraday data ):
Gold is 0.7% higher this morning, as it is extending short-term uptrend following declining U.S. dollar. What about the other precious metals? Silver gained 1.14% on Tuesday and today it is 1.6% higher. Platinum gained 1.60% and today it is 0.7% higher. Palladium gained 2.55% on Tuesday and today it is 0.4% lower. So precious metals are generally advancing this morning.
Yesterday’s Building Permits/ Housing Starts release has been mixed with Building Permits number slightly exceeding expectations. Today we will get some Fed talk along with the Beige Book release at 2:00 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Wednesday, October 21
- 8:30 a.m. Canada – CPI m/m, Retail Sales m/m, Core Retail Sales m/m
- 8:50 a.m. U.S. – FOMC Member Brainard Speech
- 10:00 a.m. U.S. – FOMC Member Mester Speech
- 2:00 p.m. U.S. – Beige Book
Thursday, October 22
- 8:30 a.m. U.S. – Unemployment Claims
- 10:00 a.m. U.S. – CB Leading Index m/m, Existing Home Sales
For a look at all of today’s economic events, check out our economic calendar.
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