Daily Gold News: Mar. 31 – Gold Price Is Still Close to $2,000
The yellow metal remains close to $2,000 ahead of the important Core PCE Price Index release.
The gold futures contract gained 0.67% on Thursday, Mar. 30 as it remained close to the $2,000 price level. On Monday the market retraced its last week’s advance after bouncing down from that level. Recently it retreated from new medium-term high of $2,014.90. There is still a lot of uncertainty following the banking crisis, Fed’s interest rate hike.
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 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 just below the $2,000 level. What about the other precious metals? Silver is also 0.1% higher, platinum is 0.4% lower and palladium is 2.7% higher. So the main precious metals’ prices are virtually flat this morning.
Yesterday’s Final GDP release has been slightly lower than expected at +2.6% q/q. Today we will get the important Core PCE Price Index release at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, March 31
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- 3:05 p.m. U.S. - FOMC Member Williams Speech
- Tentative, Eurozone - ECB President Lagarde Speech
Monday, April 3
- 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
- All Day - OPEC-JMMC Meetings
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