Daily Gold News: Monday, Mar. 7 – Gold at New Medium-Term High

The gold futures contract gained 1.59% on Friday after gaining 0.7% on Thursday, as the Russia-Ukraine conflict kept dominating the headlines. The market got close to its recent local high of around $1,980. This morning gold broke above the $2,000 level and it was the highest since mid-August. The yellow metal is trading along the $2,000 level, 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 at the new medium-term high. What about the other precious metals? Silver is 0.1% lower, platinum is 1.9% higher and palladium is 10.2% higher. So the main precious metals’ prices are mixed this morning.

Friday’s Nonfarm Payrolls along with the Unemployment Rate releases have been better than expected. Today we won’t get any new important economic data releases.

The markets will still continue to react to the ongoing Russia-Ukraine war news.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today.

Monday, March 7

• 3:00 p.m. U.S. – Consumer Credit m/m

Tuesday, March 8

• 6:00 a.m. U.S. – NFIB Small Business Index
• 8:30 a.m. U.S. – Trade Balance
• 10:00 a.m. U.S. – Final Wholesale Inventories m/m
• 5:15 a.m. Australia – RBA Governor Lowe Speech
• Tentative, U.S. – IBD/TIPP Economic Optimism

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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