Gold is rebounding as markets remain volatilie following last week’s tariff announcement.
The gold futures contract lost 2.04% on Monday, April 7, as it extended its short-term downtrend following 2.8% sell-off on Friday. Gold moved lower on continued stock market volatility and weakness caused by last Wednesday’s Trump’s tarrif announcement. The market retreated from its new record high of 3,201.60.
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 rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.7% higher, as it is trading along the $3,020 level. What about the other precious metals? Silver is 2.0% higher, platinum is 0.7% higher and palladium is 0.1% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the NFIB Small Business Index release at 6:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, April 8
- 6:00 a.m. U.S. - NFIB Small Business Index
- 2:00 p.m. U.S - FOMC Member Daly Speech
Wednesday, April 9
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 11:00 a.m. U.S. - FOMC Member Barkin Speech
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - FOMC Meeting Minutes
- 9:30 p.m. China - CPI y/y, PPI y/y
- Tentative, Japan - BOJ Governor Ueda Speech
Paul Rejczak
Stock Trading Strategist