Gold price extends its rebound as it gets closer to the $1,850 level again.
The gold futures contract gained 0.65% on Tuesday, Feb. 28, as it extended its Monday’s advance after bouncing from the new local low of $1,810.80. The market retraced most of its recent declines and it got closer to the $1,850 price level again. Investors reacted to a weakening U.S. dollar, among other factors.
On February 2 gold reached new medium-term high of $1,975.02. Then gold retraced its over month-long advance on renewed monetary policy tightening fears. In early January it has been advancing on weaker U.S. dollar and then it fluctuated after Central Banks’ monetary policy releases, stock markets’ volatility.
Today gold is extending its yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% higher this morning, as it is trading closer to the $1,850 level. What about the other precious metals? Silver is 0.5% higher, platinum is 0.7% higher and palladium is 0.5% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s CB Consumer Confidence release has been lower than expected at 102.9 vs. the expected 108.5. Today we will get the ISM Manufacturing PMI release 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.
Wednesday, March 1
- 5:00 a.m. U.K. - BOE Governor Bailey Speech
- 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
Thursday, March 2
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
- 4:00 p.m. U.S. - FOMC Member Waller Speech
Paul Rejczak
Stock Trading Strategist