Daily Gold News: March 1 – Gold Price Above $2,050

Gold is trading higher as stock market extends gains, economic data coming.

The gold futures contract gained 0.59% on Thursday, February 29, as it broke above the recent trading range following advancing stock markets, among other factors. Recently, the market was going sideways after a rebound from the February 14 local low of $1,996.40. Gold was the lowest since mid-December, after breaking below local lows from January on the CPI release.

In late January, gold was declining, but it quickly recovered losses, remaining above $2,000 mark. In early February, it bounced to the local high of $2,083.20, but then it declined and broke below the $2,050 level.

This morning gold is extending a short-term uptrend, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: March 1 – Gold Price Above $2,050 - Image 1

The gold price is 0.5% higher, as it is trading above the $2,060 level. What about the other precious metals? Silver is 0.1% higher, platinum is 0.6% lower and palladium is 0.7% higher. So, the main precious metals’ prices are mixed this morning.

Yesterday’s important Core PCE Price Index release has been as expected at +0.4% m/m. Today, we will get the ISM Manufacturing PMI and Revised UoM Consumer Sentiment numbers at 10:00 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 1

  • 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
  • 9:45 a.m. U.S. - Final Manufacturing PMI
  • 10:00 a.m. U.S. - ISM Manufacturing PMI, Revised UoM Consumer Sentiment, ISM Manufacturing Prices, Revised UoM Inflation Expectations, Construction Spending m/m
  • 10:15 a.m. U.S. - FOMC Member Waller Speech
  • 10:50 a.m. U.S. - FOMC Member Bostic Speech
  • 1:30 p.m. U.S. - FOMC Member Daly Speaks
  • 3:30 p.m. U.S. - FOMC Member Kugler Speech
  • Tentative, U.S. - Fed Monetary Policy Report

Monday, March 4

  • 8:45 p.m. China - Caixin Services PMI
  • 11:00 p.m. Japan - BOJ Governor Ueda Speech

Paul Rejczak
Stock Trading Strategist