Daily Gold News: March 28 – Gold Is Higher Despite Strong USD

Gold price breaks to new records ahead of economic data releases.

The gold futures contract gained 0.61% on Wednesday, March 27, as it remained within its Tuesday’s trading range, extending a consolidation along the $2,200 level. Last Thursday, gold reached a new record high of $2,225.30, before getting back below the $2,200 level again. It reacted to the Wednesday’s FOMC Rate Decision release, and on Friday, it retraced the whole advance.

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 breaking higher despite stronger U.S. dollar, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: March 28 – Gold Is Higher Despite Strong USD - Image 1

The gold price is 0.8% higher, as it is trading at a new record high, and above the $2,230 level. However, it is a new series, which is trading above the previous one. What about the other precious metals? Silver is 0.1% higher, platinum is unchanged and palladium is 1.1% higher. So, the main precious metals’ prices are mixed this morning.

Today, we will get the important economic data, including the GDP, Unemployment Claims at 8:30 a.m., and the Consumer Sentiment number 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).

Thursday, March 28

  • 8:30 a.m. U.S. - Final GDP q/q, Unemployment Claims, Final GDP Price Index q/q
  • 8:30 a.m. Canada - GDP m/m
  • 9:45 a.m. U.S. - Chicago PMI
  • 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations, Pending Home Sales m/m,
  • All Day, Australia - Bank Holiday

Friday, March 29

  • 8:30 a.m. U.S. - Core PCE Price Index m/m, Goods Trade Balance, Personal Income m/m,
  • Personal Spending m/m, Preliminary Wholesale Inventories m/m
  • 11:20 a.m. U.S. - FOMC Member Daly Speech
  • 11:30 a.m. U.S. - Fed Chair Powell Speech
  • All Day, U.S. - Bank Holiday
  • All Day, Canada - Bank Holiday
  • All Day, Eurozone - German Bank Holiday

Paul Rejczak
Stock Trading Strategist