Daily Gold News: Wednesday, Nov. 10 – Gold Is Higher Following Inflation Number Release

The gold futures contract gained 0.15% on Tuesday, Nov. 9, as it slightly extended its recent advance. On Friday the market broke above its late October local highs and the $1,800 level following better than expected monthly jobs data release. This morning the yellow metal is further extending the advance, as we can see on the daily chart (the chart includes today’s intraday data):

Right now gold is 0.4% higher despite strengthening U.S. dollar after the CPI number release. What about the other precious metals? Silver is 0.5% higher, platinum is 0.4% higher and palladium is 0.8% higher. So precious metals’ prices are higher this morning.

Today we got the Consumer Price Index, Unemployment Claims releases. The first one was higher than expected at +0.9% and the second one was slightly worse than expected at 262,000. We will also get the Final Wholesale Inventories release at 10:00 a.m.

Where would the price of gold go following last Friday’s monthly jobs data announcement? We’ve compiled the data since September of 2018, a 38-month-long period of time that contains of thirty eight NFP releases. The following chart shows the average gold price path before and after the NFP releases for the past 36 months. The market was usually advancing ahead of the release day and closing 0.19% 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:

Wednesday, November 10

• 8:30 a.m. U.S. – CPI m/m, Core CPI m/m, Unemployment Claims
• 10:00 a.m. U.S. – Final Wholesale Inventories m/m
• 1:01 p.m. U.S. – 30-y Bond Auction
• 7:30 p.m. Australia – Employment Change, Unemployment Rate

Thursday, November 11

• 5:00 a.m. Eurozone – EU Economic Forecasts
• All Day, U.S. – Bank Holiday
• All Day, Canada – Bank Holiday
• All Day, Eurozone – French Bank Holiday

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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