Gold

Daily Gold News: Friday, Dec. 11 – Gold’s Short-term Consolidation

The gold futures contract lost 0.06% on Thursday, as it fluctuated following Wednesday’s decline of almost 2%. Last week the market has reached a new low after breaking below local lows along the price level of $1,850. Four weeks ago gold sold off 5% in one day after global financial markets’ euphoria rally in reaction to Covid-19 Pfizer’s vaccine news release. The market bounced off its mid-November local highs on Wednesday, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is 0.2% lower this morning, as it is trading along the recent closing prices. What about the other precious metals? Silver gained 0.43% on Thursday and today it is 0.7% lower. Platinum gained 0.9% and today it is 1.6% lower. Palladium gained 1.95% yesterday and today it’s 0.1% lower. So precious metals are lower this morning .

Yesterday’s U.S. Consumer Price Index release has been slightly higher than expected at +0.2%. Today we will get the U.S. Producer Price Index , among others.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, December 11

  • 8:30 a.m. U.S. – PPI m/m, Core PPI m/m
  • 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
  • All Day, Eurozone – Euro Summit

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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