Daily Gold Update: Friday, November 11 – Gold Rallied on Inflation Data

Gold Price Recap

The gold futures contract gained 2.33% on Thursday, November 10, as it broke above the early October highs following lower-than-expected Consumer Price Index release, weakening U.S. dollar, rallying stock markets. Gold broke above the $1,750 price level yesterday. This morning it is trading slightly higher, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Today, gold is 0.2% higher, as it is trading above the $1,750 price level. What about the other precious metals? Silver is 1.1% lower, platinum is 0.5% higher and palladium is 1.4% higher. So the main precious metals’ prices are mixed this morning.

Fundamentals and Economic News Schedule

Yesterday’s Consumer Price Index release has been lower than expected at +0.4% m/m and +7.7% y/y. It led to a big sell-off in U.S. dollar. Today we will get the UoM Consumer Sentiment release at 10:00 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Friday, November 11

• 2:00 a.m. U.K. – GDP m/m, Preliminary GDP q/q
• 5:00 a.m. Eurozone – EU Economic Forecasts
• 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
• All Day, Eurozone – ECOFIN Meetings
• All Day, U.S., Canada – Bank Holiday
• All Day, Eurozone – French Bank Holiday

Monday, November 14

• 7:30 p.m. Australia – Monetary Policy Meeting Minutes
• 9:00 p.m. China – Retail Sales y/y
• Tentative, U.K. – Monetary Policy Report Hearings

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

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