Gold remains near new record high as markets await tariffs announcement.
The gold futures contract lost 0.14% on Tuesday, April 1, as it fluctuated after reaching a new record high of $3,177.00. Gold keeps advancing amid geopolitics including tariff fears, stock market’s uncertainty and a weak U.S. dollar.
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 trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher, as it is trading along the $3,150 level (new series of the futures contract). What about the other precious metals? Silver is 1.1% higher, platinum is 0.4% lower and palladium is 0.1% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s JOLTS Job Openings release has been lower than expected at 7.57 million. Today, we will get the ADP Non-Farm Employment Change release at 8:15 a.m. The markets are also eagerly awaiting President Trump’s tariffs announcement later in the day.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, April 2
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 10:00 a.m. U.S. - Factory Orders m/m
- 4:00 p.m. U.S. - President Trump Speech
- 4:30 p.m. U.S. - FOMC Member Kugler Speech
Thursday, April 3
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims, Trade Balance
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
- 12:00 p.m. U.S. - FOMC Member Jefferson Speech
- 2:30 p.m. U.S. - FOMC Member Cook Speech
- All Day - OPEC-JMMC Meetings
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist