Gold is closer to the $2,000 price level again as the banking crisis comes back.
The gold futures contract gained 2.37% on Thursday, as it retraced the recent declines on more negative news from the banking sector. On Tuesday gold sold off ahead of Wednesday’s FOMC release. It retreated from its Monday’s high of $2,014.90.
In early March the yellow metal was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from the local low of around $1,813.
Today gold is trading along yesterday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher this morning as it is trading closer to the $2,000 level. What about the other precious metals? Silver is 0.5% higher, platinum is 2.0% lower and palladium is 1.8% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 191,000 and the New Home Sales release has been lower than expected at 640,000. Today we will get the important U.S. Flash Services PMI, Flash Manufacturing PMI releases, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, March 24
- 4:15 a.m. Eurozone - French Flash Services PMI, French Flash Manufacturing PMI
- 4:30 a.m. Eurozone - German Flash Services PMI, German Flash Manufacturing PMI
- 5:00 a.m. Eurozone - Flash Services PMI, Flash Manufacturing PMI
- 5:30 a.m. U.K. - Flash Services PMI, Flash Manufacturing PMI
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 9:45 a.m. U.S. - Flash Services PMI, Flash Manufacturing PMI
Monday, March 27
- 4:00 a.m. Eurozone - German ifo Business Climate
- 1:00 p.m. U.K. - BOE Governor Bailey Speech
Paul Rejczak
Stock Trading Strategist