Gold reaches new record highs amid strong USD, Middle East tensions.
The gold futures contract gained 1.03% on Thursday, April 11, as it retraced the Wednesday’s decline and reached another new record high following strong U.S. dollar, Middle East tensions.
On February 14, gold was the lowest since mid-December, after breaking below local lows from January on the consumer inflation release. Since then, it gained almost $400.
This morning gold is extending the advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price 1.7% higher, as it is trading above the $2,400 level. What about the other precious metals? Silver is 2.8% higher, platinum is 1.5% higher and palladium is 0.2% higher. So, the main precious metals’ prices are much higher this morning.
Yesterday’s Producer Price Index release has been lower than expected at +0.2%. Today, we will get the Michigan Sentiment number at 10:00 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, April 12
- 2:00 a.m. U.K. - GDP m/m
- 8:30 a.m. U.S. - Import Prices m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
- All Day, Eurozone - ECOFIN Meetings
Monday, April 15
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
- 8:00 p.m. U.S. - FOMC Member Daly Speech
- 10:00 p.m. China - Industrial Production y/y, GDP q/y, Retail Sales y/y
- All Day - IMF Meetings
Paul Rejczak
Stock Trading Strategist