Gold price remains close to $1,970 as market await important jobs data.
The gold futures contract lost 0.31% on Thursday, August 3 as it further extended its short-term downtrend following Tuesday’s sell-off of 1.5%. On Monday the market reached a local high of $2,010.90 and yesterday it traded as low as $1,965. Recently the yellow metal’s price reacted to strengthening U.S. dollar and falling stock prices.
On June 29 gold was the lowest since mid-March (the low was at $1,900.60). In May gold retreated from new medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from local low of around $1,813.
Today gold is trading sideways before the important jobs data release as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower this morning as it is trading slightly below the $1,970 level. What about the other precious metals? Silver is 0.6% lower, platinum is 0.3% lower and palladium is 0.5% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s ISM Services PMI release has been slightly lower than expected at 52.7. Today the markets are waiting for the important Nonfarm Payrolls, Unemployment Rate and Average Hourly Earnings releases 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).
Friday, August 4
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
Monday, August 7
- 8:15 a.m. U.S. - FOMC Member Harker Speech
- 8:30 a.m. U.S. - FOMC Member Bowman Speech
- 3:00 p.m. U.S. - Consumer Credit m/m
- All Day, Canada – Bank Holiday
Paul Rejczak
Stock Trading Strategist