Daily Gold News: Friday, August 26 – Gold Trades Lower Ahead of Powell’s Speech

Gold Price Recap

The gold futures contract gained 0.56% on Thursday, August 25, as it extended its short-term rebound following the recent declines. On Monday the market reached the local low of $1,740.20. Since then gold has been retracing some of the decline. This morning the yellow metal is trading lower, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.7% lower this morning, as it is trading below the $1,750 price level ahead of the Fed Chief Powell speech at the Jackson Hole Symposium. What about the other precious metals? Silver is 0.3% lower, platinum is 1.1% lower and palladium is 0.8% lower. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Yesterday’s Preliminary GDP number release has been slightly better than expected at -0.6% m/m and the Unemployment Claims release has been lower than expected at 243,000. Today we will get the important Core PCE Price Index release at 8:30 a.m. and the Fed Chair Powell Speech 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, August 26

• 8:30 a.m. U.S. – Core PCE Price Index m/m, Goods Trade Balance, Personal Income m/m, Personal Spending m/m, Preliminary Wholesale Inventories m/m
• 10:00 a.m. U.S. – Fed Chair Powell Speech, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
• All Day, U.S. – Jackson Hole Symposium

Monday, August 29

• All Day, U.K. – Bank Holiday

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

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