Gold is extending its rally; fears of inflation and tariff causing risk-off sentiment.
The gold futures contract gained 0.76% on Friday, March 28, extending its record-breaking rally and reaching above the $3,100 level. Gold keeps advancing amid geopolitics including tariff fears, stock market’s uncertainty and a weak U.S. dollar.
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 moving higher again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.3% higher, as it is trading along the $3,150 level (new series of the futures contract). What about the other precious metals? Silver is 0.2% higher, platinum is 0.2% higher and palladium is 0.4% higher. So, the main precious metals’ prices are higher this morning.
Friday’s Core PCE Price Index release has been higher than expected at +0.4% month-over-month. Today, we will get the Chicago PMI release 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).
Monday, March 31
- 9:45 a.m. U.S. - Chicago PMI
- 11:30 p.m. Australia - Cash Rate, RBA Rate Statement
- All Day, Eurozone - German Preliminary CPI m/m
Tuesday, April 1
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. Eurozone - ECB President Lagarde Speech
- 9:00 a.m. U.S. - FOMC Member Barkin Speech
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, JOLTS Job Openings, ISM Manufacturing Prices, Construction Spending m/m
- Tentative, U.S. - RCM/TIPP Economic Optimism
- All Day, U.S. - Wards Total Vehicle Sales
Paul Rejczak
Stock Trading Strategist