Gold price is advancing as markets fear geopolitics, tariff uncertainty.
The gold futures contract gained 0.89% on Wednesday, March 12, as it extended its Tuesday’s advance on geopolitics, stock market’s uncertainty and a weaker USD. It moved closer to its previous highs, breaking above the recent trading range. 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 extending its short-term uptrend, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher, as it is trading above the $2,950 level. What about the other precious metals? Silver is unchanged, platinum is 1.6% lower and palladium is 0.5% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s CPI release has been slightly lower than expected at +0.2% m/m. Today, we will get the Producer Price Index number at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
- 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
Friday, March 14
- 3:00 a.m. U.K. - GDP m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
Paul Rejczak
Stock Trading Strategist