Daily Gold News: Wednesday, Mar. 2 – Gold Went Higher on Ukraine News Again

The gold futures contract gained 2.27% on Tuesday, Mar. 1 following its Monday’s advance of 0.7%, as the Russia-Ukraine conflict dominated the news again. The market got closer to its Thursday’s medium-term high of $1,976.50 yesterday. This morning gold is trading slighly lower, as it is retracing some of that advance, as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.3% lower this morning, as it is trading along the $1,940 price level. What about the other precious metals? Silver is 0.4% lower, platinum is 0.4% higher and palladium is 0.7% higher. So the main precious metals’ prices are lower this morning.

Yesterday’s U.S. ISM Manufacturing PMI release has been slightly better than expected at 58.6 Today we will get the important ADP Non-Farm Employment Change release at 8:15 a.m. There will also be a testimony from the Fed Chair Powell at 10:00 a.m. The markets will continue to react to the ongoing Russia-Ukraine war news.

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

Wednesday, March 2

• 8:15 a.m. U.S. – ADP Non-Farm Employment Change
• 9:30 a.m. U.S. – FOMC Member Bullard Speech
• 10:00 a.m. U.S. – Fed Chair Powell Testimony
• 10:00 a.m. Canada – BOC Rate Statement, Overnight Rate
• 2:00 p.m. U.S. – Beige Book
• All Day – OPEC-JMMC Meetings

Thursday, March 3

• 7:30 a.m. U.S. – Challenger Job Cuts y/y
• 8:30 a.m. U.S. – Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
• 9:45 a.m. U.S. – Final Services PMI
• 10:00 a.m. U.S. – Fed Chair Powell Testifies, ISM Services PMI, Factory Orders m/m
• 11:30 a.m. Canada – BOC Governor Macklem Speech
• 6:00 p.m. U.S. – FOMC Member Williams Speech

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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