Daily Gold News: Thursday, August 25 – Gold Price Keeps Bouncing Back

Gold Price Recap

The gold futures contract gained 0.02% on Wednesday, August 24, as it fluctuated following Tuesday’s rebound of 0.7%. On Monday the market reached its short-term low of $1,740.20. Since then gold has been retracing some of the recent declines. This morning the yellow metal is trading higher on weakening U.S. dollar, among other factors, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.7% higher, as it is trading closer to the $1,775 price level. What about the other precious metals? Silver is 1.2% higher, platinum is 0.7% higher and palladium is 1.1% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s Durable Goods Orders release has been lower than expected at 0.0% m/m and Pending Home Sales release has been higher than expected at -1.0% m/m. Today we will get the important Preliminary GDP number along with the Unemployment Claims releases at 8:30 a.m.

Investors will be waiting for tomorrow’s Core PCE Price Index release and the important Fed Chair Powell Speech at the Jackson Hole Symposium.

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

Thursday, August 25

• 4:00 a.m. Eurozone – German ifo Business Climate
• 7:30 a.m. Eurozone – ECB Monetary Policy Meeting Accounts
• 8:30 a.m. U.S. – Preliminary GDP q/q, Unemployment Claims, Preliminary GDP Price Index q/q
• All Day, U.S. – Jackson Hole Symposium

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

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

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