The yellow metal trades below its recent lows as the U.S. dollar stregthens.
The gold futures contract gained 0.63% on Tuesday, Apr. 18 as it fluctuated following its Friday’s daily decline of almost 2%. On Thursday gold reached new medium-term high of $2,063.40 and it was the highest since March of 2022. Friday’s sell-off has been caused by a weaker-than-expected Retail Sales number release, among other factors. Recently gold kept advancing on U.S. dollar weakness, stock markets’ 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 breaking below its recent local lows as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.7% lower this morning as it is trading below the $2,000 level. What about the other precious metals? Silver is 2.1% lower, platinum is 1.4% lower and palladium is 0.1% lower. So the main precious metals’ prices are much lower this morning.
Yesterday’s Building Permits and Housing Starts releases have been mixed. Today we will get the Beige Book 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 19
- 2:00 p.m. U.S. - Beige Book
- 7:00 p.m. U.S. - FOMC Member Williams Speech
Thursday, April 20
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index
- 8:45 a.m. U.S. - FOMC Member Waller Speech
- 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m
- 11:30 a.m. Canada - BOC Governor Macklem Speech
- 3:00 p.m. U.S. - FOMC Member Bowman Speech
Paul Rejczak
Stock Trading Strategist