Gold price extends its advances ahead of tomorrow’s inflation data.
The gold futures contract gained 0.24% on Monday, April 8, as it slightly extended its record-breaking advance after breaking above the $2,350 level. The market keeps rallying despite currencies uncertainty and tomorrow’s consumer inflation data.
Recently, gold fluctuated following a rally that started in late March after breaking above a short-term consolidation, and last 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 reaches yet another new record high, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price 0.9% higher, as it is trading above the $2,370 level. What about the other precious metals? Silver is 1.0% higher, platinum is 1.7% higher and palladium is 1.1% higher. So, the main precious metals’ prices are higher again this morning.
The markets will be awaiting the important Consumer Price Index release tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, April 9
- 6:00 a.m. U.S. - NFIB Small Business Index
- Tentative, U.S. - RCM/TIPP Economic Optimism
Wednesday, April 10
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 8:45 a.m. U.S. - FOMC Member Bowman Speech
- 9:45 a.m. Canada - BOC Monetary Policy Report, BOC Rate Statement, Overnight Rate
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 10:30 a.m. Canada - BOC Press Conference
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - FOMC Meeting Minutes, Federal Budget Balance
Paul Rejczak
Stock Trading Strategist