Gold price sets new records despite strong U.S. dollar; economic data, Powell in focus.
The gold futures contract gained 1.09% on Tuesday, April 2, further extending its record-breaking rally following the recent breakout above the $2,200 level. Gold reached a new all-time high near the $2,300 level yesterday.
On February 14, gold was the lowest since mid-December, after breaking below local lows from January on the consumer inflation release. Since then, it gained over $300.
This morning gold is higher again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% higher, as it is trading below the $2,300 level. What about the other precious metals? Silver is 1.9% higher, platinum is 0.4% lower and palladium is 0.9% lower. So, the main precious metals’ prices are higher again this morning.
Yesterday’s important JOLTS Job Openings release has been as expected at 8.76 million. Today, we will get a series of economic data, including the ADP Non-Farm Employment Change and ISM Services PMI. The markets will also wait for a speech from the Fed Chair Powell at 12:10 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Thursday, April 4
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims, Trade Balance
- 12:15 p.m. U.S. - FOMC Member Barkin Speech
- 2:00 p.m. U.S. - FOMC Member Mester Speech
- All Day, China - Bank Holiday
Paul Rejczak
Stock Trading Strategist