Daily Gold News: Monday, August 29 – Gold Extends the Downtrend
Gold Price Recap
The gold futures contract lost 1.22% on Friday, August 26, as it retraced its recent advances following a speech from the Fed Chair Powell at the Jackson Hole Symposium. Gold price went closer to the last Monday’s local low of around $1,740. This morning yellow metal is trading the lowest since late July, as we can see on the daily chart (the chart includes today’s intraday data):
Precious Metals Price Action
Gold is 0.6% lower this morning, as it is extending its short-term downtrend after breaking below the $1,750 price level. What about the other precious metals? Silver is 2.4% lower, platinum is 0.9% lower and palladium is 0.6% higher. So the main precious metals’ prices are lower this morning.
Fundamentals and Economic News Schedule
Friday’s Core PCE Price Index release has been lower than expected at +0.1% m/m and Personal Income/ Personal Spending releases have been lower than expected. Today we will get a speech from the FOMC Member Brainard at 2:15 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Monday, August 29
- 2:15 p.m. U.S. – FOMC Member Brainard Speech
- All Day, U.K. – Bank Holiday
Tuesday, August 30
- 9:00 a.m. U.S. – HPI m/m, S&P/CS Composite-20 HPI y/y
- 10:00 a.m. U.S. – CB Consumer Confidence, JOLTS Job Openings
- 11:00 a.m. U.S. – FOMC Member Williams Speech
- All Day, Eurozone – German Preliminary CPI m/m
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