Daily Gold News: Mar. 9 – Gold Goes Sideways After Tuesday’s Sell-Off
Gold price fluctuates as markets focus on tomorrow’s jobs data.
The gold futures contract lost 0.08% on Wednesday, Mar. 8, as it fluctuated following its Tuesday’s sell-off of 1.9%. On Tuesday the market reacted to the Fed Chief Powell’s hawkish testimony. Gold retraced almost all of its recent advances and a rebound to the last Friday’s local high of $1,864.40. Gold went closer to its February 28 local low of $1,810.80 again as Tuesday’s daily low was at $1,817.10.
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 slightly higher, but still within a short-term price range, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher this morning as it is trading sideways. What about the other precious metals? Silver is 0.2% higher, platinum is 1.0% higher and palladium is 0.2% lower. So the main precious metals’ prices are slightly higher this morning.
Yesterday’s second day of the Fed Chief Powell’s testimony led to some intraday volatility, but the markets were a lot calmer than on Tuesday. The ADP Non-Farm Employment Change release has been better than expected at +242,000. Today we will get the Unemployment Claims release at 8:30 a.m. The markets will be waiting for tomorrow’s monthly jobs data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, March 9
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims
- 10:00 a.m. U.S. - FOMC Member Barr Speech
- 1:01 p.m. U.S. - 30-y Bond Auction
- Tentative, Japan - Monetary Policy Statement, BOJ Policy Rate, BOJ Press Conference
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
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