Gold price continues sideways as markets await ECB news, jobs data.
The gold futures contract gained 0.18% on Wednesday, March 5, as it moved sideways following its recent 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.
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 a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% lower, as it is trading along the $2,910 level. What about the other precious metals? Silver is 0.4% lower, platinum is 0.4% lower and palladium is 1.0% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s ADP Non-Farm Employment Change release has been lower than expected at +77,000. Today, we will get the Unemployment Claims release at 8:30 a.m., and the ECB Interest Rate Decision at 8:15 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 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
Friday, March 7
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 8:30 a.m. Canada - Employment Change, Unemployment Rate, Capacity Utilization Rate
- 10:15 a.m. U.S. - FOMC Member Bowman Speech, FOMC Member Williams Speech
- 12:20 p.m. U.S. - FOMC Member Kugler Speech
- 12:30 p.m. U.S. - Fed Chair Powell Speech
- 1:00 p.m. U.S. - FOMC Member Kugler Speech
- 3:00 p.m. U.S. - Consumer Credit m/m
Paul Rejczak
Stock Trading Strategist