Gold pulled back to $3,300 again; tariff developments in focus.
The gold futures contract closed 1.65% higher on Thursday, April 24, as it rebounded after its Tuesday-Wednesday pullback. 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 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 again, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.3% lower, as it is trading along the $3,300 level. What about the other precious metals? Silver is 0.6% lower, platinum is 0.3% lower, and palladium is 1.5% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release has been as expected at 222,000. Today, we will get the Revised UoM Consumer Sentiment number at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Monday, April 28
- All Day, Canada - Federal Election
- All Day, Japan – Bank Holiday
Paul Rejczak
Stock Trading Strategist