Daily Gold News: March 12 – Gold Remains Below $2,200 Level

Gold price is trading sideways ahead of key inflation data.

The gold futures contract gained 0.14% on Monday, March 11, as it fluctuated following last week’s record-breaking rally. On Friday, gold reached a new record high of $2,203. It kept 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 extending a short-term consolidation, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: March 12 – Gold Remains Below $2,200 Level - Image 1

The gold price is 0.3% lower, as it is trading along the $2,180 level again. What about the other precious metals? Silver is also 0.3% lower, platinum is 1.0% lower and palladium is 0.7% lower. So, the main precious metals’ prices are lower this morning.

Yesterday, we didn’t get any new important economic data. Today, the markets are waiting for the important Consumer Price Index release at 8:30 a.m. The release is likely to cause volatile moves in the markets.

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

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

Wednesday, March 13

  • 3:00 a.m. U.K. - GDP m/m
  • 1:01 p.m. U.S. - 30-y Bond Auction

Paul Rejczak
Stock Trading Strategist