Gold price is going sideways despite stocks’ pull-back, as recession fears reappear.
The gold futures contract gained 0.06% on Tuesday, Dec. 6, as it fluctuated following its Monday’s decline of 1.6%. It sold off after much better than expected ISM Services PMI release, and yesterday gold price went sideways despite strengtheing U.S. dollar and accompanying stock market’s sell-off. This morning gold is still trading sideways, as we can see on the daily chart (the chart includes today’s intraday data):
Today the gold price is virtually flat, as it is trading along the $1,780 level. What about the other precious metals? Silver is 0.9% higher, platinum is 0.3% higher and palladium is 0.4% higher. So the main precious metals’ prices are mixed this morning.
Yesterday’s Trade Balance release has been slightly higher than expected at -78.2B. Today we will get the Nonfarm Productivity release, among others. The markets will be waiting for Friday’s Producer Price Index release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Wednesday, December 7
- 8:30 a.m. U.S. - Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
- 10:00 a.m. Canada - BOC Rate Statement, Overnight Rate
- 3:00 p.m. U.S. - Consumer Credit m/m
Thursday, December 8
- 7:00 a.m. Eurozone - ECB President Lagarde Speech
- 8:30 a.m. U.S. - Unemployment Claims
- All Day, Eurozone - Italian Bank Holiday
Paul Rejczak
Stock Trading Strategist