Daily Gold News: Mar. 10 – Gold Price Advanced Despite Stock Market’s Rout

Gold trades sideways, as the markets await monthly jobs data.

The gold futures contract gained 0.88% on Thursday, Mar. 9 as it bounced after its Tuesday’s decline. The market reacted to the stock market’s sell-off on the Silicon Valley Bank news and weakening U.S. dollar. On Tuesday the market sold off following the Fed Chief Powell’s hawkish testimony. Gold went closer to its February 28 local low of $1,810.80 again as Wednesday’s daily low was at $1,813.40.

On February 2 gold reached new medium-term high of $1,975.02. Then gold retraced an over month-long advance on renewed monetary policy tightening fears.

Today gold is trading along its yesterday’s closing price as we can see on the daily chart (the chart includes today’s intraday data):

The gold price is 0.2% higher this morning as it is trading along the $1,840 level ahead of the important monthly jobs data release. What about the other precious metals? Silver is 0.1% higher, platinum is 1.0% lower and palladium is 1.1% lower. So the main precious metals’ prices are slightly higher this morning.

Yesterday’s Unemployment Claims release has been higher than expected at 211,000. Today we will get the important monthly jobs data release at 8:30 a.m. The markets will likely be very volatile following that release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Friday, March 10

  • 2:00 a.m. U.K. - GDP m/m
  • 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
  • 8:30 a.m. Canada - Employment Change, Unemployment Rate, Capacity Utilization Rate
  • 2:00 p.m. U.S. - Federal Budget Balance

Monday, March 13

  • All Day, Eurozone - Eurogroup Meetings

Paul Rejczak
Stock Trading Strategist