The gold futures contract lost 4.58% on Tuesday, as it accelerated its short-term decline from Friday's new record high price level of $2,089.20. The market has reversed sharply lower following Friday's Nonfarm Payrolls release, among other factors. Yesterday's sell-off has been significant, as gold price got close to $1,900 mark.
Gold is 1.0% higher this morning after breaking well below $1,900 and bouncing back. What about the other precious metals? Silver lost a stunning 10.98% on Tuesday and today it is 1.8% higher. Platinum lost 3.12% and today it is unchanged. Palladium lost 4.20% on Tuesday and today it's 1.2% higher. So precious metals are retracing some of their sharp decline this morning.
Yesterday's U.S. Producer Price Index release has been bigger than expected at +0.6%. And today we will get the Consumer Price Index at 8:30 a.m. We will also get a speech from the FOMC Member Kaplan at 11:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Wednesday, August 12
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m
- 11:00 a.m. U.S. - FOMC Member Kaplan Speech
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
- 9:30 p.m. Australia - Employment Change, Unemployment Rate
Thursday, August 13
- 8:30 a.m. U.S. - Unemployment Claims, Import Prices m/m
- 1:01 p.m. U.S. - 30-y Bond Auction
- 7:30 p.m. Australia - RBA Governor Lowe Speech
- 10:00 p.m. China - Fixed Asset Investment ytd/y, Industrial Production y/y, Retail Sales y/y, Unemployment Rate
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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
