Daily Gold News: Mar. 17 – Gold Remains Close to Its Wednesday’s High
Gold is trading along the local highs, as the U.S. banking crisis remains in focus.
The gold futures contract lost 0.43% on Thursday, Mar. 16, as it extended a short-term consolidation following the recent rally and a breakout above the $1,900 level. On Wednesday the daily high was at $1,942.50 and gold was the highest since February 2. The market is still reacting to the ongoing U.S. banking crisis.
On Tuesday a week ago the yellow metal was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from the local low of around $1,813.
Today gold is trading closer to the local high as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% higher this morning as it is trading above the $1,930 level. What about the other precious metals? Silver is 0.8% higher, platinum is 1.3% higher and palladium is 0.1% lower. So the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 192,000. The ECB news has also been as expected – they raised their interest rates by 0.50%. Today we will get the UoM Consumer Sentiment release, among others. The markets will continue to react to the U.S. banking crisis news.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, March 17
- 9:15 a.m. U.S. - Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations, CB Leading Index m/m
Monday, March 20
- Japan, All Day - Bank Holiday
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