Daily Gold News: Apr. 10 – Gold Price Backs Off From Last Week’s High

Gold retraced some of its last Tuesday’s rally; it remains above $2,000

The gold futures contract lost 0.45% on Thursday, Apr. 6 as it retraced some more of its last week’s Tuesday’s rally of 1.9%. On Tuesday gold broke above the recent local highs on U.S. dollar weakness, stock markets’ rally, among other factors. Recently the market fluctuated along the $2,000 level. On Wednesday the daily high was at $2,049.20 and it was the highest since March of 2022. There is still a lot of uncertainty following the banking crisis, Fed’s interest rate policy.

In early March the yellow metal was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from the local low of around $1,813.

Today gold is trading lower following long holiday weekend as we can see on the daily chart (the chart includes today’s intraday data):

The gold price is 0.3% lower this morning as it is trading slightly below the $2,020 level. What about the other precious metals? Silver is 0.2% higher, platinum is 0.7% higher and palladium is virtually flat. So the main precious metals’ prices are mixed this morning.

Today we will get the Final Wholesale Inventories release at 10:00 a.m. The markets will be waiting for the important Consumer Price Index release on Wednesday.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Monday, April 10

  • 10:00 a.m. U.S. - Final Wholesale Inventories m/m
  • 4:15 p.m. U.S. - FOMC Member Williams Speech
  • All Day - IMF Meetings
  • All Day, Eurozone - German Bank Holiday, French Bank Holiday, Italian Bank Holiday

Tuesday, April 11

  • 6:00 a.m. U.S. - NFIB Small Business Index
  • 1:30 p.m. U.S. - FOMC Member Goolsbee Speech
  • 6:00 p.m. U.S. - FOMC Member Harker Speech
  • 7:30 p.m. U.S. - FOMC Member Kashkari Speech
  • All Day - IMF Meetings

Paul Rejczak
Stock Trading Strategist