Gold price reaches new record highs above $2,500; monthy jobs data in focus.
The gold futures contract gained 0.32% on Thursday, August 1, as it extended its short-term uptrend reaching a new record high above the $2,500 level. Gold keeps extending advances as volatility increases on the stock market. On Wednesday, the market broke above its previous record high of around $2,488, and last Thursday, it reached a local low of $2,351.90.
This morning, gold is trading at a new record high, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.0% higher, as it is trading above the $2,500 level. What about the other precious metals? Silver is 2.1% higher, platinum is 0.8% higher and palladium is 0.7% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 249,000, and the ISM Manufacturing PMI release has been lower than expected at 46.8. Today, we will get the important monthly jobs data at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
- 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
Monday, August 5
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
- 2:00 p.m. U.S. - Loan Officer Survey
- 5:00 p.m. U.S. - FOMC Member Daly Speech
- All Day, Canada – Bank Holiday
Paul Rejczak
Stock Trading Strategist