Gold reaches new record highs as investors await more economic data.
The gold futures contract lost 0.07% on Wednesday, March 26, as it continued sideways, remaining near its record high. Last week, gold kept rallying amid geopolitics, stock market’s uncertainty and a weak U.S. dollar.
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 all-time highs, nearing the $3,100 level, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.3% higher, as it is trading along the $3,090 level again (new series of the futures contract). What about the other precious metals? Silver is 1.5% higher, platinum is 0.3% higher and palladium is 1.3% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the Final GDP and Unemployment Claims releases 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 27
- 8:30 a.m. U.S. - Final GDP q/q, Unemployment Claims, Final GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 4:30 p.m. U.S. - FOMC Member Barkin Speech
- 7:30 p.m. Japan - Tokyo Core CPI y/y
Friday, March 28
- 3:00 a.m. U.K. - Retail Sales m/m
- 4:00 a.m. Eurozone - Spanish Flash CPI y/y
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Canada - GDP m/m
- 10:00 a.m. U.S - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- 12:15 p.m. U.S. - FOMC Member Barr Speech
- 3:45 p.m. U.S. - FOMC Member Bostic Speech
Paul Rejczak
Stock Trading Strategist