The gold futures contract lost 0.68% on Wednesday as it extended a short-term consolidation following last week’s Tuesday’s decline of almost 2%. The yellow metal has retraced all of its recent advance and it fell back below the $1,800 price level. It reacted to the strengthening U.S. dollar, among other factors. This morning gold is trading below its Tuesday’s low, as we can see on the daily chart (the chart includes today’s intraday data):
Today gold is 0.9% lower, as it is the lowest since mid-August. What about the other precious metals? Silver is 1.5% lower, platinum is 1.1% lower and palladium is 2.5% higher. So precious metals’ prices are lower this morning.
Yesterday’s Empire State Manufacturing Index release has been better than expected at 34.3 and the Industrial Production release has been slightly worse than expected at +0.4%. Today we will get the important Retail Sales number release at 8:30 a.m. It is expected at -0.7% m/m. We will also have the Philly Fed Manufacturing Index, Unemployment Claims and Business Inventories releases today.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:
Thursday, September 16
8:00 a.m. Eurozone – ECB President Lagarde Speech
8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims, Philly Fed Manufacturing Index
10:00 a.m. U.S. – Business Inventories m/m
Friday, September 17
For a look at all of today’s economic events, check out our economic calendar.
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This article was originally posted on FX Empire