Daily Gold News: Friday, Feb. 11 – Gold’s Consolidating Despite Worrying Inflation Data

The gold futures contract gained 0.04% on Thursday, Feb. 10, after gaining 0.5% on Wednesday. The market fluctuated following the recent advances after breaking above the $1,800 level. Last week it was trading within a short-term consolidation following the late January sell-off. The yellow metal’s price reacted negatively to the strengthening U.S. dollar, among other factors. This morning gold is trading slightly above the $1,825 price level, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is virtually flat this morning, as it is trading within a short-term consolidation. What about the other precious metals? Silver is 1.3% lower, platinum is 0.1% higher and palladium is 0.1% lower. So the main precious metals’ prices are mixed this morning.

Yesterday’s important Consumer Price Index release has been higher than expected at +0.6% m/m vs. the expected +0.4% m/m. Today we will have the UoM Consumer Sentiment release at 10:00 a.m.

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

Friday, February 11

• 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
• Tentative, U.S. – Fed Monetary Policy Report

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

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

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