Gold reached new highs above the $2,300 level; tomorrow’s jobs data in focus.
The gold futures contract gained 1.45% on Wednesday, April 3, as it further extended its record-breaking rally, reaching above the $2,300 level. The market continued higher following a weaker U.S. dollar yesterday.
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 over $300.
This morning gold is reaching yet another new record high, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged, as it is trading above the $2,300 level. What about the other precious metals? Silver is 0.3% higher, platinum is 0.2% higher and palladium is 0.6% lower. So, the main precious metals’ prices are virtually flat this morning.
Yesterday’s important ADP Non-Farm Employment Change release has been higher than expected at +184,000. Today, we will get the Unemployment Claims number at 8:30 a.m., among others. The markets will be waiting for the monthly jobs data tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, April 4
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims, Trade Balance
- 12:15 p.m. U.S. - FOMC Member Barkin Speech
- 2:00 p.m. U.S. - FOMC Member Mester Speech
- All Day, China - Bank Holiday
Friday, April 5
- 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
- 9:15 a.m. U.S. - FOMC Member Barkin Speech
Paul Rejczak
Stock Trading Strategist