Daily Gold News: Monday, Feb. 28 – Gold’s Consolidation Following Last Week’s Volatility

The gold futures contract lost 2.01% on Friday, Feb. 25, following its Thursday’s advance of 0.8%, as investors took short-term profits off the table following the recent rally. On Thursday gold price reache the new medium-term high of $1,976.50, as global markets reacted to Russia-Ukraine conflict news. This morning gold is retracing some of its Friday’s decline, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.8% higher this morning, as it is trading slightly above the $1,900 price level. What about the other precious metals? Silver is 0.3% higher, platinum is 0.2% higher and palladium is 3.9% higher. So the main precious metals’ prices are higher this morning.

Friday’s Core PCE Price Index release has been as expected at +0.5% m/m. Today we will get the Chicago PMI release, among others.

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

Monday, February 28

• 8:30 a.m. U.S. – Goods Trade Balance, Preliminary Wholesale Inventories m/m
• 9:45 a.m. U.S. – Chicago PMI
• 10:30 p.m. Australia – Cash Rate, RBA Rate Statement

Tuesday, March 1

• 8:30 a.m. Canada – GDP m/m
• 9:45 a.m. U.S. – Final Manufacturing PMI
• 10:00 a.m. U.S. – ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.

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