Daily Gold News: Mar. 2 - Gold Extended Its Rebound

Gold price went higher again despite Fed policy fears, weak stock market.

The gold futures contract gained 0.46% on Wednesday, Mar. 1, as it extended its Tuesday’s advance of 0.7%. The market got close to the $1,850 price level again and yesterday’s daily high was at $1,852.50. Gold price reacted to the 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. On February 28 it reached the new local low of $1,810.80.

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 0.1% higher this morning, as it is trading below the $1,850 level. What about the other precious metals? Silver is 0.7% lower, platinum is 0.1% higher and palladium is 0.7% lower. So the main precious metals’ prices are mixed this morning.

Yesterday’s ISM Manufacturing PMI release has been slightly lower than expected at 47.7 Today we will get the Unemployment Claims release, among others.

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

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

Friday, March 3

  • 9:45 a.m. U.S. - Final Services PMI
  • 10:00 a.m. U.S. - ISM Services PMI
  • 11:00 a.m. U.S. - FOMC Member Logan Speech
  • Tentative, U.S. - Fed Monetary Policy Report

Paul Rejczak
Stock Trading Strategist