Gold price pulls back from a record high on Yen turmoil, stock markets’ rout.
The gold futures contract lost 0.44% on Friday, August 2, as it fluctuated after reaching a new record high of $2,522.50. Gold kept extending advances as the stock market suffered a lot of volatility amid japanese Yen turmoil. Last Wednesday, the market broke above its previous record high of around $2,488, and on previous Thursday, it reached a local low of $2,351.90.
This morning, gold is retracing some of its recent advances, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.0% lower, as it is trading below the $2,450 level. What about the other precious metals? Silver is 4.3% lower, platinum is 4.3% lower and palladium is 4.6% lower. So, the main precious metals’ prices are lower this morning.
Friday’s Non-Farm Employment Change release has been lower than expected at +114,000. Today, we will get the ISM Services PMI number at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Tuesday, August 6
- 12:30 a.m. Australia - Cash Rate, RBA Monetary Policy Statement, RBA Rate Statement
- 8:30 a.m. U.S. - Trade Balance
- Tentative, U.S. - RCM/TIPP Economic Optimism
Paul Rejczak
Stock Trading Strategist