Daily Gold News: April 1 – Gold Extends a Rally, Reaching New Record

Gold price is at a new all-time high after breaking above the $2,250 level.

The gold futures contract gained 1.16% on Thursday, March 28, as it broke to a new record high despite stronger U.S. dollar. The market went close to the $2,250 level, after breaking above its recent local highs along the $2,225 level.

Three weeks ago, gold was advancing in a reaction to economic data releases, weakening U.S. dollar and rallying stock prices. On February 14, gold was the lowest since mid-December, after breaking below local lows from January on the CPI release. Since then, it gained over $200.

This morning gold is reaching yet another new records, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: April 1 – Gold Extends a Rally, Reaching New Record - Image 1

The gold price is 0.7% higher, as it is trading at a new all-time high, along the $2,270 level. What about the other precious metals? Silver is 0.2% higher, platinum is 0.2% higher and palladium is 0.6% higher. So, the main precious metals’ prices are higher this morning.

Friday’s important Core PCE Price Index release has been as expected at +0.3% m/m. Today, we will get the ISM Manufacturing 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).

Monday, April 1

  • 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, Eurozone - German Bank Holiday, French Bank Holiday, Italian Bank Holiday
  • All Day, U.K. - Bank Holiday

Tuesday, April 2

  • 10:00 a.m. U.S. - JOLTS Job Openings, Factory Orders m/m
  • 12:00 p.m. U.S. - FOMC Member Williams Speech
  • 12:05 p.m. U.S. - FOMC Member Mester Speech
  • 1:30 p.m. U.S. - FOMC Member Daly Speech
  • All Day, U.S. - Wards Total Vehicle Sales
  • All Day, Eurozone - German Preliminary CPI m/m

Paul Rejczak
Stock Trading Strategist