Gold price is reaching new record highs; markets await more economic data.
The gold futures contract gained 0.86% on Wednesday, July 31, as it reacted to economic data and the Fed Rate Decision. The market broke above its previous record high of around $2,488, reaching closer to the $2,500 level. Last Thursday, gold broke below the recent lows following stock market sell-off, reaching a local low of $2,351.90.
This morning, gold is pulling back from a new record high, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% higher, as it is trading along the $2,480 level. What about the other precious metals? Silver is 0.2% higher, platinum is 1.0% lower and palladium is 0.1% lower. So, the main precious metals’ prices are higher this morning.
Yesterday’s ADP Non-Farm Employment Change release has been lower than expected at +122,000. The FOMC Statement release led to advance in gold prices. Today, we will get the Unemployment Claims number at 8:30 a.m. and the ISM Manufacturing PMI at 10:00 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, August 1
- 7:00 a.m. U.K. - BOE Monetary Policy Report, Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
- 9:45 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- 7:30 a.m. U.K. - BOE Governor Bailey Speech
- All Day, U.S. - Wards Total Vehicle Sales
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 10:00 a.m. U.S. - Factory Orders m/m
Paul Rejczak
Stock Trading Strategist