Gold is rebounding after its last week’s sell-off; economic data in focus.
The gold futures contract lost 1.64% on Friday, February 28, as it extended its Thursday’s decline of 1.2%. Last week, gold price reacted to a sell-off in the stock market, strenghtening U.S. dollar. It continued pulling back from its previous Thursday’s record high of $2,973.40. Gold continued to fluctuate after January-February advances; the market moved sideways amid geopolitical news, economic data.
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 rebounding, 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 above the $2,880 level. What about the other precious metals? Silver is 3.0% higher, platinum is 1.2% higher and palladium is 2.1% higher. So, the main precious metals’ prices are higher this morning.
Friday’s Core PCE Price Index release has been as expected at +0.3% month-over-month. Today, we will get the ISM Manufacturing PMI release at 10:00 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).
Monday, March 3
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- All Day, U.S. - Wards Total Vehicle Sales
Tuesday, March 4
- 9:15 a.m. Japan - BOJ Governor Ueda Speech
- 2:20 p.m. U.S. - FOMC Member Williams Speech
- 7:30 p.m. Australia - GDP q/q
- Tentative, U.S. - RCM/TIPP Economic Optimism
Paul Rejczak
Stock Trading Strategist