Daily Gold News: Mar. 20 – Gold Reaches New Medium-Term Highs

Gold price went briefly above the $2,000 level; the markets continue to react on banking crisis news.

The gold futures contract gained 2.63% on Friday, Mar. 17, as it accelerated its uptrend amid the ongoing banking crisis. Gold got very close to the $2,000 level on Friday, before retracing some of the advance.

In early March 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 higher after retracing most of its intraday advance and a run-up to new local high as we can see on the daily chart (the chart includes today’s intraday data):

The gold price is 0.4% higher this morning as it is trading along the $2,000 level. Earlier in the morning it went to the new local high of around $2,015. What about the other precious metals? Silver is 0.5% higher, platinum is 0.6% higher and palladium is 1.1% lower. So the main precious metals’ prices are still higher this morning.

Friday’s UoM Consumer Sentiment release has been lower than expected at 63.4. Today we won’t get any new important economic data releases. The markets will be waiting for the important Wednesday’s FOMC monetary policy release, and they will continue to react to the banking crisis news.

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

Monday, March 20

  • Japan, All Day - Bank Holiday

Tuesday, Match 21

  • 6:00 a.m. Eurozone - German ZEW Economic Sentiment
  • 8:30 a.m. Canada - CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
  • 8:30 a.m. Eurozone - ECB President Lagarde Speech
  • 10:00 a.m. U.S. - Existing Home Sales

Paul Rejczak
Stock Trading Strategist