Daily Gold News: March 8 – Gold Price Is Above $1,170

Gold extends its record-breaking rally as markets await monthly jobs release.

The gold futures contract gained 0.32% on Thursday, March 7, as it slightly extended its record-breaking rally. The market reached a new record high above the $2,170 level. It keeps reacting to economic data releases, weakening U.S. dollar, 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 $150.

This morning gold is trading higher again, and the new all-time high, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: March 8 – Gold Price Is Above $1,170 - Image 1

The gold price is 0.5% higher, as it is trading above the $2,170 level. What about the other precious metals? Silver is 0.6% higher, platinum is 0.1% lower and palladium is 0.7% higher. So, the main precious metals’ prices are higher this morning.

Yesterday’s Unemployment Claims release has been as expected at 217,000. Today, we will get the important monthly jobs data at 8:30 a.m.

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

Friday, March 8

  • 7:00 a.m. U.S. - FOMC Member Williams Speech
  • 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
  • 8:30 a.m. Canada - Employment Change, Unemployment Rate
  • 8:30 p.m. China - CPI y/y, PPI y/y

Monday, March 11

  • All Day, Eurozone - Eurogroup Meetings

Paul Rejczak
Stock Trading Strategist