Daily Gold News: Apr. 25 – Gold Price Trading Below $2,000
Gold is extending a consolidation as investors await Consumer Confidence number release.
The gold futures contract gained 0.47% on Monday, Apr. 24 as it continued to fluctuate along the $2,000 level. The market extended a short-term consolidation following its recent retreat from the April 13 local high of $2,063.40. In early April gold kept advancing on U.S. dollar weakness, stock markets’ rally. There is still a lot of uncertainty following the banking crisis, Fed’s interest rate hikes.
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 below the $2,000 level as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% lower this morning as it is still trading within a consolidation. What about the other precious metals? Silver is 1.2% lower, platinum is 1.2% lower and palladium is 3.3% lower. So the main precious metals’ prices are lower this morning.
Yesterday we didn’t get any new economic data releases. This morning the market is waiting for the important CB Consumer Confidence release at 8:30 a.m. We will also get New Home Sales and Richmond Manufacturing Index releases.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, April 25
- 9:00 a.m. U.S. - HPI m/m, S&P/CS Composite-20 HPI y/y
- 10:00 a.m. U.S. - CB Consumer Confidence, New Home Sales, Richmond Manufacturing Index
- 9:30 p.m. Australia - CPI q/q, CPI y/y, Trimmed Mean CPI q/q
Wednesday, April 26
- 8:30 a.m. U.S. - Durable Goods Orders m/m, Core Durable Goods Orders m/m, Goods Trade Balance, Preliminary Wholesale Inventories m/m
Stock Trading Strategist