Gold price is reaching new record highs, breaking above $2,350.
The gold futures contract gained 1.60% on Friday, April 5, reaching new record highs, as markets reacted to the monthly jobs data, among other factors.
Recently, gold fluctuated following a rally that started in late March after breaking above a short-term consolidation, and on Friday, it broke higher again.
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 a new record high again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price 0.6% higher, as it is trading above the $2,350 level. What about the other precious metals? Silver is 1.4% higher, platinum is 1.3% higher and palladium is 1.0% higher. So, the main precious metals’ prices are higher this morning.
Friday’s Nonfarm Payrolls release has been much better than expected at +303,000. Today, we won’t get any new economic data. The markets will be awaiting the important Consumer Price Index release on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, April 8
- No important economic data
Tuesday, April 9
- 6:00 a.m. U.S. - NFIB Small Business Index
- Tentative, U.S. - RCM/TIPP Economic Optimism
Paul Rejczak
Stock Trading Strategist