Gold is reaching new records ahead of the Fed news tomorrow.
The gold futures contract gained 0.17% on Monday, March 17, as it fluctuated following its last week’s record-breaking rally. 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 hitting a new all-time high, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.8% higher, as it is trading above the $3,030 level. What about the other precious metals? Silver is 1.1% higher, platinum is unchanged and palladium is 1.2% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Retail Sales release has been lower than expected at +0.2% m/m. Today, we will get the Building Permits and Housing Starts releases at 8:30 a.m., among others. Investors are eagerly awaiting the FOMC rate 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 18
- 6:00 a.m. Eurozone - German ZEW Economic Sentiment
- 8:30 a.m. U.S. - Building Permits, Housing Starts, Import Prices m/m
- 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- Tentative, Japan - BOJ Policy Rate, Monetary Policy Statement
Wednesday, March 19
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Economic Projections, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- 4:00 p.m. U.S. - TIC Long-Term Purchases
- 8:30 p.m. Australia - Employment Change, Unemployment Rate
- 9:00 p.m. China - 1-y Loan Prime Rate, 5-y Loan Prime Rate
- Tentative, Japan - BOJ Press Conference
- All Day, Japan – Bank Holiday
Paul Rejczak
Stock Trading Strategist