The gold futures contract lost 1.94% on Wednesday, as it retraced some of its recent advances. Last week the market has reached a new low following 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 yesterday, 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 close to yesterday’s daily low. What about the other precious metals? Silver lost 3.02% on Wednesday and today it is 0.3% lower. Platinum lost 1.78% and today it is 0.9% higher. Palladium lost 1.60% on Wednesday and today it’s 1.4% higher. So precious metals are mixed this morning .
Yesterday’s Wholesale Inventories release has been slightly bigger than expected at +1.1%.
Today the markets will be closely watching ECB releases at 7:45 a.m. and 8:30 a.m. We will also have the U.S. Consumer Price Index release at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Thursday, December 10
- 7:45 a.m. Eurozone – Main Refinancing Rate , Monetary Policy Statement
- 8:30 a.m. U.S. – CPI m/m, Core CPI m/m, Unemployment Claims
- 8:30 a.m. Eurozone – ECB Press Conference
- 2:00 p.m. U.S. – Federal Budget Balance
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
For a look at all of today’s economic events, check out our economic calendar.
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