Daily Gold News: March 13 – Gold Price Is Back at $2,170

Gold bounced from $2,200 level, retracing Friday’s advance.

The gold futures contract lost 1.03% on Tuesday, March 12, as it retraced its Friday’s advance following the important Consumer Price Index release, among other factors. 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 trading along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: March 13 – Gold Price Is Back at $2,170 - Image 1

The gold price is 0.1% higher, as it is trading slightly below the $2,170 level. What about the other precious metals? Silver is 0.6% higher, platinum is 1.0% higher and palladium is 3.1% higher. So, the main precious metals’ prices are mixed this morning.

Yesterday’s Consumer Price Index release has been as expected at +0.4% m/m. Today we won’t get any new important economic data, however, the markets may react to the outcome of the 30-y Bond Auction later in the day.

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

Wednesday, March 13

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

Thursday, March 14

  • 8:30 a.m. U.S. - PPI m/m, Core PPI m/m, Retail Sales m/m, Core Retail Sales m/m, Unemployment Claims
  • 10:00 a.m. U.S. - Business Inventories m/m

Paul Rejczak
Stock Trading Strategist