Gold price is extending its consolidation, as markets await consumer inflation data.
The gold futures contract gained 0.74% on Tuesday, March 11, as it extended a consolidation, moving back above the $2,900 level. Recently, 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 moving sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged, as it is trading along the $2,920 level. What about the other precious metals? Silver is 1.0% higher, platinum is 0.9% higher and palladium is 0.3% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s JOLTS Job Openings release has been higher than expected at 7.74 million. Today, we will get the important CPI number at 8:30 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).
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
Thursday, March 13
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Unemployment Claims
- 1:01 p.m. U.S. - 30-y Bond Auction
Paul Rejczak
Stock Trading Strategist