Daily Gold News: April 16 – Gold Remains Below $2,400

Paul-Rejczak Paul Rejczak Apr 16, 2024

Gold price fluctuates following Friday’s volatility; markets await more data, Powell.

The gold futures contract gained 0.93% on Monday, April 15, as it fluctuated following its Friday’s record-breaking advance and an intraday retreat that followed. On Friday, gold reached a new record high of $2,448.80 before retracing the advance and closing just 0.1% higher. It reacted to Middle East uncertainty, strong U.S. dollar.

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 trading slightly higher, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: April 16 – Gold Remains Below $2,400 - Image 1

The gold price 0.2% higher, as it is trading below the $2,390 level. What about the other precious metals? Silver is 1.2% lower, platinum is 0.4% lower and palladium is 2.0% lower. So, the main precious metals’ prices are mixed again this morning.

Yesterday’s important Retail Sales release has been higher than expected at +0.7% m/m. Today we will get the Building Permits and Housing Starts numbers at 8:30 a.m. The markets will be also waiting for a speech from the Fed Chair Powell at 1:15 p.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Tuesday, April 16

  • 2:00 a.m. U.K. - Claimant Count Change
  • 5:00 a.m. Eurozone - German ZEW Economic Sentiment
  • 8:30 a.m. U.S. - Building Permits, Housing Starts
  • 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
  • 9:00 a.m. U.S. - FOMC Member Jefferson Speech
  • 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
  • 12:30 p.m. U.S. - FOMC Member Williams Speech
  • 1:00 p.m. U.S. - FOMC Member Barkin Speech
  • 1:00 p.m. U.K. - BOE Governor Bailey Speech
  • 1:15 p.m. U.S. - Fed Chair Powell Speech
  • 1:15 p.m. Canada - BOC Governor Macklem Speech
  • All Day - IMF Meetings

Wednesday, April 17

  • 2:00 a.m. U.K. - CPI y/y, Core CPI y/y
  • 12:00 p.m. U.K. - BOE Governor Bailey Speech
  • 2:00 p.m. U.S. - Beige Book
  • 4:00 p.m. U.S. - TIC Long-Term Purchases
  • 5:30 p.m. U.S. - FOMC Member Mester Speech
  • 6:30 p.m. U.S. - FOMC Member Bowman Speech
  • 9:30 p.m. Australia - Employment Change, Unemployment Rate
  • All Day - IMF Meetings

Paul Rejczak
Stock Trading Strategist