Gold price is rebounding from a new low as markets keep selling off following Trump tariffs.
The gold futures contract lost 2.76% on Friday, April 4, as it extended its declines following a crash in the stock market caused by the Wednesday’s Trump’s tariff announcement. The market retreated from its new record high of 3,201.60. Recently, 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 rebounding from a new local low, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.8% higher, as it is trading along the $3,060 level (new series of the futures contract). What about the other precious metals? Silver is 4.3% higher, platinum is 0.1% higher and palladium is 0.8% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the Consumer Credit release at 3:00 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, April 7
- 10:30 a.m. U.S. - FOMC Member Kugler Speech
- 3:00 p.m. U.S. - Consumer Credit m/m
Tuesday, April 8
- 6:00 a.m. U.S. - NFIB Small Business Index
- 2:00 p.m. U.S - FOMC Member Daly Speech
Paul Rejczak
Stock Trading Strategist