Daily Gold News: Thursday, June 10 – Gold Lower Ahead of Inflation DataRight now gold is 0.4% lower, as it continues to trade below $1,900 price level. What about the other precious metals?
The gold futures contract gained 0.06% on Wednesday, as it extended its short-term consolidation following last week’s Friday’s rebound. On Tuesday more than a week ago gold price was the highest since early January. In April the market has bounced from the support level marked by March 8 local low of $1,663.30. Since then it has been advancing. This morning gold is lower, as we can see on the daily chart (the chart includes today’s intraday data):
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Right now gold is 0.4% lower, as it continues to trade below $1,900 price level. What about the other precious metals? Silver is 0.3% lower, platinum is 0.9% lower and palladium is 0.2% lower today. So precious metals are lower this morning.
Where would the price of gold go following last Friday’s NFP release? We’ve compiled the data since September of 2018, a 33-month-long period of time that contains of thirty three NFP releases. The following chart shows the average gold price path before and after the NFP releases for the past 33 months. The market was usually advancing ahead of the release day and closing 0.55% higher on the 10th day after the NFP release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Thursday, June 10
- 7:45 a.m. Eurozone – Monetary Policy Statement, Main Refinancing Rate
- 8:30 a.m. Eurozone – ECB Press Conference
- 8:30 a.m. U.S. – CPI m/m, Core CPI m/m, Unemployment Claims
- 1:01 p.m. U.S. – 30-y Bond Auction
- 2:00 p.m. U.S. – Federal Budget Balance
Friday, June 11
- 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- All Day – G7 Meetings
For a look at all of today’s economic events, check out our economic calendar.
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