Gold price reached a new record last week; tariff developments remain in focus.
The gold futures contract gained 2.11% on Friday, April 11, as it further extended its record-breaking rally, reaching a new all-time high of $3,263.00. The market broke higher on continuing economic uncertainty, tariff developments, weakening U.S. dollar. Recently, the market retreated from its new highs, and last Monday, it traded as low as $2,970.40.
On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections. Gold extended its decline from the late October high, reaching a local low of $2,541.50.
This morning, gold is moving sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% lower, as it is trading along the $3,230 level. What about the other precious metals? Silver is 1.0% higher, platinum is 0.9% higher and palladium is 1.9% higher. So, the main precious metals’ prices are mixed this morning.
The PPI release on Friday has been lower than expected at -0.4% month-over-month. Today, we will get speeches from the FOMC Members.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, April 14
- 12:00 p.m. U.S. - FOMC Member Barkin Speech
- 6:00 p.m. U.S. - FOMC Member Harker Speech
- 7:40 p.m. U.S. - FOMC Member Bostic Speech
Tuesday, April 15
- 2:00 a.m. U.K. - Claimant Count Change
- 5:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - Empire State Manufacturing Index, Import Prices m/m
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 7:10 p.m. U.S. - FOMC Member Cook Speech
- 10:00 p.m. China - GDP q/y, Industrial Production y/y, Retail Sales y/y
Paul Rejczak
Stock Trading Strategist