Gold is extending its consolidation, remaining near the record high.
The gold futures contract closed 0.01% higher on Wednesday, March 19, as it fluctuated along its new record high level. Gold continues advancing on geopolitics, stock market’s uncertainty and a weak USD. Yesterday, it basically moved sideways despite the FOMC interest rate decision.
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 pulling back slightly from its 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% lower, as it is trading along the $3,040 level again. What about the other precious metals? Silver is also 0.1% lower, platinum is 1.2% lower and palladium is 1.3% lower. So, the main precious metals’ prices are slightly lower this morning.
Today, we will get the Unemployment Claims release 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).
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
Friday, March 21
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 9:05 a.m. U.S. - FOMC Member Williams Speech
Paul Rejczak
Stock Trading Strategist