Daily Gold News: March 21 – Gold Price Is Back Above $2,200

Paul-Rejczak Paul Rejczak Mar 21, 2024

Gold is rallying to new records following the FOMC monetary policy update.

The gold futures contract gained 0.06% on Wednesday, March 20, extending its short-term consolidation as markets awaited the FOMC Rate Decision release. It remained above the $2,150 level after backing off slightly from its all-time high from the previous Friday.

Two weeks ago, gold as advancing in a reaction to economic data releases, weakening U.S. dollar and rallying 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 much higher following an overall dovish Fed release, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: March 21 – Gold Price Is Back Above $2,200 - Image 1

The gold price is 2.3% higher, as it is trading at a new record high, and along the $2,210 level. What about the other precious metals? Silver is 2.2% higher, platinum is 0.4% higher and palladium is 1.4% lower. So, the main precious metals’ prices are much higher this morning.

Today we will get the Unemployment Claims release at 8:30 a.m., and the important Flash Manufacturing PMI and Flash Services PMI numbers at 9:45 a.m.

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

Thursday, March 21

  • 4:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
  • 4:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
  • 5:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
  • 5:30 a.m. U.K. - Flash Manufacturing PMI, Flash Services PMI
  • 8:00 a.m. U.K. - Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
  • 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index, Current Account
  • 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. - Existing Home Sales, CB Leading Index m/m
  • 12:00 p.m. U.S. - FOMC Member Barr Speech

Friday, March 22

  • 3:00 a.m. U.K. - Retail Sales m/m
  • 5:00 a.m. Eurozone - German ifo Business Climate
  • 9:00 a.m. U.S. - Fed Chair Powell Speech
  • 12:00 p.m. U.S. - FOMC Member Barr Speech
  • 4:00 p.m. U.S. - FOMC Member Bostic Speech
  • All Day, Eurozone - Euro Summit

Paul Rejczak
Stock Trading Strategist