Daily Gold News: Apr. 3 – Gold Remains Below $2,000 Price Level
Gold price is still going sideways as markets remain cautious following the banking crisis.
The gold futures contract lost 0.58% on Friday, Mar. 31 as it continued to fluctuate below the $2,000 price level. The market is still going sideways following its mid-March rally caused by the U.S. banking crisis. On March 20 it reached new medium-term high of $2,014.90. 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 slightly below its Friday’s closing price 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’s trading along the $1,980 level. What about the other precious metals? Silver is 1.2% lower, platinum is 0.4% lower and palladium is 0.9% higher. So the main precious metals’ prices are lower this morning.
Friday’s Core PCE Price Index release has been slightly lower than expected at +0.3% m/m. Today we will get the ISM Manufacturing PMI release 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).
Monday, April 3
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- All Day - OPEC-JMMC Meetings
Tuesday, April 4
- 12:30 a.m. Australia - Cash Rate, RBA Rate Statement
- 10:00 a.m. U.S. - JOLTS Job Openings, Factory Orders m/m
- 10:30 p.m. Australia - RBA Governor Lowe Speech
- Tentative, U.S. - IBD/TIPP Economic Optimism
- All Day, China – Bank Holiday
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