Gold is still trading sideways as markets await the important consumer inflation data.
The gold futures contract gained 0.76% on Tuesday, Apr. 11 as it continued to trade above the $2,000 price level. Last week it broke above its recent local highs on U.S. dollar weakness, stock markets’ rally, among other factors. On Wednesday the daily high was at $2,049.20 and it was the highest since March of 2022, and on Monday gold retraced its last week’s rally. 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 still trading sideways as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% higher this morning as it is trading slightly above the $2,020 level. What about the other precious metals? Silver is 0.3% higher, platinum is 0.9% higher and palladium is 0.1% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s NFIB Small Business Index release has been higher than expected at 90.1. Today we will have the important Consumer Price Index release at 8:30 a.m. The market will be also waiting for the FOMC Meeting Minutes release at 2:00 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, April 13
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 9:00 a.m. Canada - BOC Governor Macklem Speech
- 1:01 p.m. U.S. - 30-y Bond Auction
- All Day - G20 Meetings
- All Day - IMF Meetings
Paul Rejczak
Stock Trading Strategist