Gold price pulls back from a new record; markets fear tariff uncertainty.
The gold futures contract gained 3.27% on Wednesday, April 16, as it rallied to a new record high above the $3,350 level. Gold keeps advancing on continuing economic uncertainty, tariff developments, weakening U.S. dollar. Recently, it retreated from its previous high, and last Monday, it traded as low as $2,970.40.
On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections. Gold extended its decline from the late October high, reaching a local low of $2,541.50.
This morning, gold is pulling back from another new all-time high, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% lower, as it is trading along the $3,340 level. What about the other precious metals? Silver is 2.0% lower, platinum is 1.6% lower and palladium is 2.5% lower. So, the main precious metals’ prices are lower this morning.
Today, we will get the ECB interest rate decision at 8:14 a.m., and the Unemployment Claims number 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).
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index, Building Permits, Housing Starts
- 8:45 a.m. Eurozone - ECB Press Conference
- 11:45 a.m. U.S. - FOMC Member Barr Speech
- All Day, Australia - Bank Holiday
Friday, April 18
- 11:00 a.m. U.S. - FOMC Member Daly Speaks
- All Day, Eurozone - German Bank Holiday
- All Day, Canada - Bank Holiday
Paul Rejczak
Stock Trading Strategist