Gold price remains near the $3,300 level; tariff developments in focus.
The gold futures contract lost 1.50% on Friday, April 25, as it extended its short-term fluctuations after retreating from a new record high of $3,509.90 on Tuesday. Recently, gold kept advancing on continuing economic uncertainty, tariff developments, weakening U.S. dollar. In early April, it pulled back from its previous high, trading as low as $2,970.40.
On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections. Gold extended its decline from the late October high, reaching a local low of $2,541.50.
This morning, gold is extending its consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher, as it is trading along the $3,300 level. What about the other precious metals? Silver is 0.1% lower, platinum is 0.9% higher and palladium is 0.4% higher. So, the main precious metals’ prices are mixed this morning.
Today, we won’t get any new important economic data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, April 28
- All Day, Canada - Federal Election
- All Day, Japan – Bank Holiday
Tuesday, April 29
- 8:30 a.m. U.S. - Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 9:00 a.m. U.S. - S&P/CS Composite-20 HPI y/y, HPI m/m
- 10:00 a.m. U.S. - JOLTS Job Openings, CB Consumer Confidence
- 9:30 p.m. Australia - CPI q/q, CPI y/y, Trimmed Mean CPI q/q
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
Paul Rejczak
Stock Trading Strategist