Gold price remains above the $2,000 level as markets await tomorrow’s CPI release.
The gold futures contract lost 1.12% on Monday, Apr. 10, as it retraced more of its last Tuesday’s rally. On Tuesday gold broke above the recent local highs on U.S. dollar weakness, stock markets’ rally, among other factors. Recently the market fluctuated along the $2,000 level. On Wednesday the daily high was at $2,049.20 and it was the highest since March of 2022. There is still a lot of uncertainty following the banking crisis, Fed’s interest rate policy.
In early March the yellow metal was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from the local low of around $1,813.
Today gold is trading along its yesterday’s daily high as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% higher this morning as it is trading along the $2,020 level. What about the other precious metals? Silver is 0.7% higher, platinum is 0.4% higher and palladium is 1.0% higher. So the main precious metals’ prices are higher this morning.
Today we will have speeches from the FOMC Members later in the day. The markets will be waiting for the important Consumer Price Index release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, April 11
- 6:00 a.m. U.S. - NFIB Small Business Index
- 1:30 p.m. U.S. - FOMC Member Goolsbee Speech
- 6:00 p.m. U.S. - FOMC Member Harker Speech
- 7:30 p.m. U.S. - FOMC Member Kashkari Speech
- All Day - IMF Meetings
Wednesday, April 12
- 8:30 a.m. U.S. - CPI m/m, CPI y/y, Core CPI m/m
- 9:00 a.m. U.K. - BOE Governor Bailey Speech
- 10:00 a.m. Canada - BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
- 11:00 a.m. Canada - BOC Press Conference
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - FOMC Meeting Minutes, Federal Budget Balance
- 3:15 p.m. U.K. - BOE Governor Bailey Speech
- 9:30 p.m. Australia - Employment Change, Unemployment Rate
- All Day - G20 Meetings
- All Day - IMF Meetings
Paul Rejczak
Stock Trading Strategist