Gold keeps dropping after strengthening USD, sell-off in stocks.
The gold futures contract lost 1.18% on Thursday, February 27, as it broke below its recent lows following a sell-off in the stock market, strenghtening U.S. dollar. It continued pulling back from its last Thursday’s record high of $2,973.40. Gold continues to fluctuate after January-February advances. The market is moving sideways amid geopolitical news, economic data.
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 extending its decline, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.7% lower, as it is trading along the $2,880 level. What about the other precious metals? Silver is 1.3% lower, platinum is 0.3% lower and palladium is 0.2% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 242,000. Today, we will get the Core PCE Price Index number at 8:30 a.m., and Manufacturing PMI release at 10:00 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).
Friday, February 28
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Goods Trade Balance, Personal Income m/m, Personal Spending m/m, Preliminary Wholesale Inventories m/m
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:15 p.m. U.S. - FOMC Member Goolsbee Speech
- All Day, Eurozone - German Preliminary CPI m/m
Monday, March 3
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- All Day, U.S. - Wards Total Vehicle Sales
Paul Rejczak
Stock Trading Strategist