Gold price broke above its recent highs; it’s trading well above the $2,000 level.
The gold futures contract gained 1.89% on Tuesday, as it 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 and yesterday’s daily high was at $2,043.40. 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 closing price as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher this morning as it is trading close to the $2,040 level. What about the other precious metals? Silver is 1.0% lower, platinum is 0.5% higher and palladium is 0.9% higher. So the main precious metals’ prices are mixed this morning.
Yesterday’s JOLTS Job Openings release has been lower than expected at 9.93M. Today we will get the important ADP Non-Farm Employment Change and ISM Services PMI releases, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, April 5
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Trade Balance
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
Thursday, April 6
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 10:00 a.m. Canada - Ivey PMI
- All Day, Australia – Bank Holiday
Paul Rejczak
Stock Trading Strategist