Gold price remains above $2,900 as markets await key economic data.
The gold futures contract gained 0.67% on Tuesday, March 4, extending its Monday’s 1.9% rebound. The market reacted to geopolitics, stock market’ uncertainty, weaker USD. 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 moving sideways following its recent advances, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher, as it is trading along the $2,930 level again. What about the other precious metals? Silver is 1.7% higher, platinum is 0.5% higher and palladium is 0.2% lower. So, the main precious metals’ prices are higher this morning.
Today, we will get key economic data: the ADP Non-Farm Employment Change at 8:15 a.m. and the ISM Services PMI number 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).
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
Thursday, March 6
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Trade Balance
- 8:45 a.m. Eurozone - ECB Press Conference
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 3:30 p.m. U.S. - FOMC Member Waller Speech
- 7:00 p.m. U.S. - FOMC Member Bostic Speech
- All Day, Eurozone - Euro Summit
Paul Rejczak
Stock Trading Strategist