Daily Gold News: Wednesday, August 11 – Gold Higher Ahead of U.S. Inflation Data

The gold futures contract gained 0.30% on Tuesday, as it fluctuated following the recent declines. Gold accelerated its short-term downtrend on Monday as it quickly fell to the late June local low of $1,675.90 before bouncing back above $1,700 price level. This morning, the market is trading above yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.5% higher, as it is trading sideways following Friday’s-Monday’s sell-off. What about the other precious metals? Silver is 0.2% higher, platinum is 1.4% higher and palladium is 0.5% higher. So precious metals’ prices are higher this morning.

The markets will be waiting for today’s Consumer Price Index 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 35-month-long period of time that contains of thirty five NFP releases. The following chart shows the average gold price path before and after the NFP releases for the past 35 months. The market was usually advancing ahead of the release day and closing 0.38% 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, August 11

  • 8:30 a.m. U.S. – CPI m/m, Core CPI m/m
  • 10:30 a.m. U.S. – FOMC Member Bostic Speech
  • 1:01 p.m. U.S. – 10-y Bond Auction

Thursday, August 12

  • 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

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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