Economic calendar for gold traders

In rough order of impact: the FOMC rate decision and press conference, US CPI, non-farm payrolls, core PCE, and the ISM services survey. Each one feeds the same channel — it shifts the expected Fed path, which shifts real yields, which reprices gold.

Second-tier events worth watching are jobless claims for labour market turns, the University of Michigan inflation expectations survey, and Treasury refunding announcements that affect long-end yields and liquidity.

Know the consensus before the print, and size for the surprise rather than the level. Gold typically moves on the gap between the actual reading and the forecast, and the first reaction inside the first minute is frequently reversed once the yield curve settles. Spreads widen dramatically at the release, so entering in the first seconds is usually the worst execution of the day.