Gold is fluctuating after its Tuesday-Wednesday retreat; economic data, tariffs in focus.
The gold futures contract lost 3.66% on Wednesday, April 23, as it retraced its recent record-breaking rally, moving below the $3,300 level. Recently, gold kept advancing on continuing economic uncertainty, tariff developments, weakening U.S. dollar. In early April, it retreated from its previous high, trading 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 rebounding, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.6% higher, as it is trading along the $3,350 level. What about the other precious metals? Silver is 0.3% lower, platinum is 0.4% higher and palladium is 0.8% higher. So, the main precious metals’ prices are higher this morning.
Today, we will get the Unemployment Claims release at 8:30 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).
- 4:00 a.m. Eurozone - German ifo Business Climate
- 8:30 a.m. U.S. - Unemployment Claims, Durable Goods Orders m/m, Core Durable Goods Orders m/m
- 10:00 a.m. U.S. - Existing Home Sales
- 5:00 p.m. U.S. - FOMC Member Kashkari Speech
- 7:30 p.m. Japan - Tokyo Core CPI y/y
- All Day - IMF Meetings
- All Day, Australia - Bank Holiday
Friday, April 25
- 2:00 a.m. U.K. - Retail Sales m/m
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
- All Day - IMF Meetings
Paul Rejczak
Stock Trading Strategist