Gold price is reaching new records on a weaker USD, overall uncertainty.
The gold futures contract gained 1.51% on Thursday, March 13, as it broke to a new record high, moving near the $3,000 level. Gold keeps advancing on geopolitics, stock market’s uncertainty and a weaker USD.
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 reaching new records, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% higher, as it is trading above the $3,000 level. What about the other precious metals? Silver is 1.2% higher, platinum is 0.6% lower and palladium is 0.1% lower. So, the main precious metals’ prices are higher this morning.
Yesterday’s Producer Price Index release has been lower than expected at 0.0% m/m. Today, we will get the UoM Consumer Sentiment reading at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
- 3:00 a.m. U.K. - GDP m/m
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
Monday, March 17
- 8:30 a.m. U.S. - Retail Sales m/m, Core Retail Sales m/m, Empire State Manufacturing Index
- 10:00 a.m. U.S. - Business Inventories m/m, NAHB Housing Market Index
Paul Rejczak
Stock Trading Strategist