Daily Gold Update: Friday, September 16 – Gold Price Is The Lowest Since 2020

Gold Price Recap

The gold futures contract lost 1.86% on Thursday, September 15, as it broke below its recent local lows following stock markets’ sell-off, strong U.S. dollar, monetary policy tightening fears. The market broke below the $1,700 level and it was the lowest since April of 2020. This morning the yellow metal is trading along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.1% higher this morning, as it is trading along the $1,660 level. What about the other precious metals? Silver is 1.0% lower, platinum is 1.9% lower and palladium is 1.5% lower. So the main precious metals’ prices are mixed this morning.

Fundamentals and Economic News Schedule

Yesterday’s Retail Sales release has been lower than expected at -0.3% m/m and the Empire State Manufacturing Index has been higher than expected at -1.5. Today we will get the UoM Consumer Sentiment release at 10:00 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.

Friday, September 16

• 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
• 4:00 p.m. U.S. – TIC Long-Term Purchases

Monday, September 19

• 10:00 a.m. U.S. – NAHB Housing Market Index
• 9:30 p.m. Australia – Monetary Policy Meeting Minutes
• All Day, U.K. – Bank Holiday

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

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