Daily Gold News: Thursday, Jan. 13 – Gold Extended Gains After the CPI Release

The gold futures contract gained 0.48% on Wednesday after gaining over 1% on Tuesday. The market got closer to the recent local highs again following slightly higher than expected Consumer Price Index release. Last week on Monday gold reached the local high of $1,833 before reversing lower, and on Friday it traded as low as $1,781.30. This morning the yellow metal is trading within its yesterday’s daily trading range, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.1% lower this morning, as it is fluctuating following the recent advance. What about the other precious metals? Silver is 0.4% higher, platinum is 0.5% lower and palladium is 0.9% lower. So the main precious metals’ prices are mixed this morning.

The markets will be waiting for the Producer Price Index release at 8:30 a.m. We will also have the Unemployment Claims release at 8:30 a.m.

Where would the price of gold go following Friday’s Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 40-month-long period of time that contains of forty NFP releases. The following chart shows the average gold price path before and after the NFP releases for the past 40 months. The market was usually advancing ahead of the release day and closing 0.26% 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, January 13

  • 8:30 a.m. U.S. – PPI m/m, Core PPI m/m, Unemployment Claims
  • 1:01 p.m. U.S – 30-y Bond Auction

Friday, January 14

  • 8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m, Import Prices m/m
  • 8:30 a.m. Eurozone – ECB President Lagarde Speech
  • 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
  • 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations, Business Inventories m/m
  • 11:00 a.m. U.S. – FOMC Member Williams Speech

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

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