Gold price is retracing more of its Monday’s decline as investor sentiment improves.
The gold futures contract gained 1.27% on Thursday, August 8, as it retraced some of its recent declines on improving investor sentiment, gaining stock markets. On Monday, gold rebounded from a local low of $2,403.80. Last week, it fluctuated after reaching its new record high of $2,522.50.
This morning, gold is slightly extending its rebound, 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 $2,470 level. What about the other precious metals? Silver is 0.2% higher, platinum is 0.5% lower and palladium is 0.8% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 233,000. Today, we won’t get any new important economic data.
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. Canada - Employment Change, Unemployment Rate
Monday, August 12
- 2:00 p.m. U.S. - Federal Budget Balance
- 9:30 p.m. Australia - Wage Price Index q/q
- Tentative, U.S. - Cleveland Fed Inflation Expectations
- Tentative, China - New Loans
Paul Rejczak
Stock Trading Strategist