Daily Gold News: March 11 – Gold Price Bounced From $2,200 Level

Gold is fluctutaing ahead of key inflation data tomorrow.

The gold futures contract gained 0.94% on Friday, March 8, as it extended its record-breaking rally once again. The market reached a new record high of $2,203. It keeps reacting to economic data releases, weakening U.S. dollar and advancing stock prices. On February 14, gold was the lowest since mid-December, after breaking below local lows from January on the CPI release. Since then, it gained over $200.

This morning gold is trading along its Friday’s daily closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: March 11 – Gold Price Bounced From $2,200 Level - Image 1

The gold price is 0.1% lower, as it is trading along the $2,180 level. What about the other precious metals? Silver is also 0.1% lower, platinum is 1.3% higher and palladium is 1.2% higher. So, the main precious metals’ prices are virtually flat this morning.

Friday’s Nonfarm Payrolls release has been higher than expected at 275,000, but the Unemployment Rate has also been higher than expected at 3.9%. The markets are waiting for tomorrow’s important Consumer Price Index release.

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

Monday, March 11

  • All Day, Eurozone - Eurogroup Meetings

Tuesday, March 12

  • 3:00 a.m. U.K. - Claimant Count Change
  • 6:00 a.m. U.S. - NFIB Small Business Index
  • 8:30 a.m. U.S. - CPI m/m, Core CPI m/m, CPI y/y
  • 1:01 p.m. U.S. - 10-y Bond Auction
  • 2:00 p.m. U.S. - Federal Budget Balance
  • All Day, Eurozone - ECOFIN Meetings

Paul Rejczak
Stock Trading Strategist