The gold futures contract lost 0.07% on Wednesday following an intraday advance to $1,750 price level. Global markets went risk-on and gold has been selling off as a safe-haven asset recently. However, yesterday's FOMC Statement came out as a short-term game-changer. Stock prices reversed lower and gold spiked higher before closing virtually unchanged. It is still trading within a medium-term consolidation, as we can see on the daily chart:
Gold is down 0.7% this morning, as it retraces more of the recent advance. And financial markets decline following yesterday's Fed-talk. What about the other precious metals? Silver was unchanged on Wednesday and today it is 1.6% lower. Platinum lost 1.70% and today it is 2.1% lower. Palladium lost 1.85% yesterday and today it is 0.5% down. So precious metals are trading lower this morning.
The recent economic data releases have been confirming negative coronavirus impact on global economies. However, last Friday's U.S. monthly jobs data came out much better than expected. And the Nonfarm Payrolls number has been positive. Today we will get some more important U.S. economic data releases - Producer Price Index along with the Unemployment Claims 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, June 11
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- All Day, Eurozone - Eurogroup Meetings
Friday, June 12
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment
Thank you for reading today's quick gold news guide. If you enjoyed it, we invite you to read also our other gold market analyses. This includes our free Fundamental Gold Reports as well as premium Gold & Silver Trading Alerts with clear buy and sell signals and weekly premium Gold Investment Updates. If you're not ready to subscribe to our premium services, a great way to check them out (also the premium services - free for 7 days!), is to sign up for our no-obligation free gold newsletter. We'll only ask to whom (just the first name) and to what e-mail address we should be sending our analyses. Sign up today.
Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
