Daily Gold News: Friday, August 28 – Gold Retracing Yesterday’s Fed Talk Decline

The gold futures contract lost 1.02% on Thursday, as it continued to trade within a short-term consolidation following the recent decline below $2,000 price level. Yesterday’s Fed Chair Powell speech led to an increased intraday volatility, as gold spiked higher before the decline. Gold reversed from its news record high of $2,089.20 on August 7 after much better than expected Nonfarm Payrolls release, among other factors. The following upward correction reached a local high of $2,024.60 on last week’s Tuesday.

Gold is 1.7% higher this morning, as it is getting back closer to yesterday’s daily high. What about the other precious metals? Silver lost 1.54% on Thursday and today it is 2.4% higher. Platinum lost 1.24% and today it is 1,. % higher. Palladium was unchanged on Thursday and today it’s also unchanged. So precious metals’ prices are retracing their yesterday’s decline this morning.

Yesterday’s GDP, Unemployment Claims releases have been as expected. On the other hand, the Pending Home Sales number has been better than expected. But the Fed Chair Powell speech caught the most attention and led to an increased volatility.

Today we will get the Personal Income, Personal Spending, Wholesale Inventories and Chicago PMI along with the Consumer Sentiment releases.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, August 28

• 8:30 a.m. U.S. – Personal Spending m/m, Personal Income m/m, Core PCE Price Index m/m, Goods Trade Balance, Preliminary Wholesale Inventories m/m
• 8:30 a.m. Canada – GDP m/m
• 9:45 a.m. U.S. – Chicago PMI
• 10:00 a.m. U.S. – Revised UoM Consumer Sentiment
• All Day, U.S. – Jackson Hole Symposium Day 2

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For a look at all of today’s economic events, check out our economic calendar.

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

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