Gold price is pulling back after Trump’s tarrif announcement, nearing the $3,100 level.
The gold futures contract gained 0.64% on Wednesday, April 2, as it fluctuated following its record-breaking rally. It set a new record high of 3,201.60. Later in the day, gold sold off in a reaction to Trump’s tarrif announcement. Gold kept 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 pulling back, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.5% lower, as it is trading along the $3,120 level (new series of the futures contract). What about the other precious metals? Silver is 5.6% lower, platinum is 1.7% lower and palladium is 2.9% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s tariff announcement led to increased volatility on the markets. Today, we will get the Unemployment Claims release at 8:30 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).
- 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
Friday, April 4
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 11:25 a.m. U.S. - Fed Chair Powell Speech
- 12:00 p.m. U.S. - FOMC Member Barr Speech
- 12:45 p.m. U.S. - FOMC Member Waller Speech
Paul Rejczak
Stock Trading Strategist