Gold price remains close to a record high as markets await further economic data.
The gold futures contract gained 0.84% on Monday, April 1, as it continued its last Thursday’s advance of 1.2%. Gold reached a new all-time high above the $2,285 level, and it rallied despite a stronger U.S. dollar.
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 slightly extending its uptrend, trading along yesterday’s high, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.1% higher, as it is retracing its yesterday’s intraday retreat. What about the other precious metals? Silver is 2.7% higher, platinum is 1.6% higher and palladium is 2.2% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s ISM Manufacturing PMI release has been higher than expected at 50.3. Today, we will get the important JOLTS Job Openings 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).
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
Wednesday, April 3
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
- 12:10 p.m. U.S. - Fed Chair Powell Speech
- All Day - OPEC-JMMC Meetings
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist