Gold remains near its new record high as investors await the key Fed announcement.
The gold futures contract gained 1.15% on Tuesday, March 18, as it extended its record-breaking rally, reaching a new all-time high near the $3,050 level. Gold contiunues advancing on geopolitics, stock market’s uncertainty and a weak 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 hit yet another new all-time high, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher, as it is trading along the $3,040 level. What about the other precious metals? Silver is 0.8% lower, platinum is 1.5% lower and palladium is 1.2% lower. So, the main precious metals’ prices are mixed this morning.
Today, we will get the key FOMC rate announcement at 2:00 p.m., and the FOMC Press Conference 2:30 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, March 20
- 3:00 a.m. U.K. - Claimant Count Change
- 8:00 a.m. U.K. - Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index, Current Account
- 8:30 a.m. U.K. - BOE Governor Bailey Speech
- 12:50 p.m. Canada - BOC Governor Macklem Speech
Paul Rejczak
Stock Trading Strategist