Gold Price Going Sideways Ahead of Economic Data

NEW YORK (Oct 12) The gold futures contract gained 0.64% on Tuesday, October 11, as it fluctuated following the recent declines. On Monday it broke below its last week’s local lows following Friday’s monthly jobs data release, among other factors. On September 28 it bounced from the new medium-term low of $1,622.20. It was the lowest since the Spring of 2020 on strong U.S. dollar, stock markets’ rout. Then gold price has been driven higher by the U.S. dollar reversal, stock markets’ advances. Last Tuesday’s daily high was at $1,738.70. This morning gold is trading sideways. 

Precious Metals Price Action

Today, gold is 0.2% higher, as it is trading along the $1,700 price level. What about the other precious metals? Silver is 0.3% higher, platinum is 0.7% higher and palladium is 1.2% higher. So the main precious metals’ prices are slightly higher this morning.

FXEmpire