Gold price is extending its Monday’s advance; markets brace for Donald Trump’s speech in Congress.
The gold futures contract gained 1.85% on Monday, March 3, as it retraced its Thursday’s-Friday’s decline on geopolitical tensions, stock markets’ volatility. Last week, gold pulled back from its previous Thursday’s record high of $2,973.40. It 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 extending its rebound, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.1% higher, as it is trading above the $2,930 level. What about the other precious metals? Silver is 0.6% higher, platinum is 0.2% lower and palladium is 0.7% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s ISM Manufacturing PMI release has been lower than expected at 50.3. Today, we will get a speech from Donald Trump at 9:00 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, March 4
- 2:20 p.m. U.S. - FOMC Member Williams Speech
- 7:30 p.m. Japan - BOJ Governor Ueda Speech
- 7:30 p.m. Australia - GDP q/q
- 9:00 p.m. U.S. - President Trump Speech
- Tentative, U.S. - RCM/TIPP Economic Optimism
Wednesday, March 5
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI, Factory Orders m/m
- 2:00 p.m. U.S. - Beige Book
Paul Rejczak
Stock Trading Strategist