Daily Gold News: Tuesday, Mar. 16 – Gold Closer to Last Week’s HighGold is 0.2% higher this morning, as it is trading along the recent local highs. What about the other precious metals?
The gold futures contract gained 0.55% on Monday, as it extended its short-term consolidation. The market continued to fluctuate after rebounding from last Monday’s local low of $1,763.30. A week ago yellow metal’s price was the lowest since early June. Today gold is trading closer to last week’s local high, as we can see on the daily chart (the chart includes today’s intraday data):
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Gold is 0.2% higher this morning, as it is trading along the recent local highs. What about the other precious metals? Silver is 0.6% lower, platinum is 0.5% lower and palladium is 0.5% lower today. So precious metals are mixed this morning.
Yesterday’s Empire State Manufacturing Index release has been better than expected at 17.4 Today we will get the important Retail Sales release at 8:30 a.m., among others.
Financial markets will be waiting for tomorrow’s FOMC Statement announcement.
Where would the price of gold go following that news release? We’ve compiled the data since January of 2017, a 50-month-long period of time that contains of thirty four FOMC releases. The first chart shows price paths 5 days before and 10 days after the FOMC release. We can see that the biggest 10-day advance after the FOMC day was +10.5% after March 15, 2020 release and the biggest decline was -7.2% after March 3, 2020 release. But we’ve had an increased volatility following coronavirus fear then.
The latest FOMC Statement release came out on January 27th. Gold price was 0.1% lower 10 days after the release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Tuesday, March 16
- 6:00 a.m. Eurozone – ZEW Economic Sentiment, German ZEW Economic Sentiment
- 8:30 a.m. U.S. – Retail Sales m/m , Core Retail Sales m/m , Import Prices m/m
- 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
- 10:00 a.m. U.S. – Business Inventories m/m, NAHB Housing Market Index
- Tentative, Japan – BOJ Governor Kuroda Speech
Wednesday, March 17
- 8:30 a.m. U.S. – Building Permits, Housing Starts
- 2:00 p.m. U.S. – FOMC Statement , Federal Funds Rate , FOMC Economic Projections
- 2:30 p.m. U.S. – FOMC Press Conference
- 8:30 a.m. Australia – Employment Change, Unemployment Rate
For a look at all of today’s economic events, check out our economic calendar.
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