Gold is trading above $2,900 again, as markets await further data, news on geopolitics.
The gold futures contract lost 0.50% on Monday, March 10, as it extended its Friday’s pullback. Last week, gold traded in a consolidation following its recent rebound. The market advanced on geopolitics, stock market’s uncertainty, weaker USD. On the previous week, gold pulled back from its record high of $2,973.40.
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 rebounding again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% higher, as it is trading above the $2,900 level. What about the other precious metals? Silver is 1.3% higher, platinum is 1.6% higher and palladium is 1.4% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the important JOLTS Job Openings release at 10:00 a.m. The markets will be also waiting for the key CPI announcement tomorrow.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, March 11
- 6:00 a.m. U.S. - NFIB Small Business Index
- 10:00 a.m. U.S. - JOLTS Job Openings
- All Day, Eurozone - ECOFIN Meetings
Wednesday, March 12
- 4:45 a.m. Eurozone - ECB President Lagarde Speech
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
- 9:45 a.m. Canada - BOC Rate Statement, Overnight Rate
- 10:30 a.m. Canada - BOC Press Conference
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
Paul Rejczak
Stock Trading Strategist