Gold rallies on the U.S. banking crisis, tops $1,900 this morning.
The gold futures contract gained 1.78% on Friday, Mar. 10 as it rallied above the recent local high on stock market’s sell-off following the Silicon Valley Bank news and weakening U.S. dollar. And on Tuesday the market sold off after the Fed Chief Powell’s hawkish testimony. Gold bounced from its Wednesday’s local low and on Friday it traded above the $1,870 level.
Today gold is further extending its short-term advance as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.8% higher this morning as it is trading closer to the $1,900 level. What about the other precious metals? Silver is 1.2% higher, platinum is 0.4% higher and palladium is 1.1% higher. So the main precious metals’ prices are higher this morning.
Friday’s Nonfarm Payrolls release has been higher than expected at +311,000 and the Unemployment Rate number has also been higher than expected at 3.6%. Today we won’t get any new important economic data releases. The markets will continue to react to the U.S. banking crisis news.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, March 13
- All Day, Eurozone - Eurogroup Meetings
Tuesday, Match 14
- 3:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
- 8:30 a.m. U.S. - CPI m/m, CPI y/y, Core CPI m/m
- 5:20 p.m. U.S. - FOMC Member Bowman Speech
Paul Rejczak
Stock Trading Strategist