Gold price gets closer to the $2,700 level again.
The gold futures contract gained 0.42% on Friday, December 6, as it further extended its consolidation along the $2,650 level. It continued to fluctuate following last Tuesday’s rebound, despite the important monthly jobs data release. Recently, it kept moving sideways due to the long holiday weekend in the U.S.
On November 14, gold was the lowest since mid-September after dropping in a reaction to the presidential elections the previous week. Gold extended its decline from the October 29 record high of $2,801.80, reaching a local low of $2,541.50. In October, the yellow metal kept gaining amid strengthening U.S. dollar, geopolitical tensions, among others.
This morning, gold is extending its Friday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.7% higher, as it is trading along the $2,680 level. What about the other precious metals? Silver is 2.0% higher, platinum is 1.8% higher and palladium is 3.1% higher. So, the main precious metals’ prices are higher this morning.
Friday’s Nonfarm Payrolls release has been higher than expected at +227,000. Today, we will get the Final Wholesale Inventories number at 10:00 a.m. The markets will be waiting for the important Consumer Price Index release on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, December 9
10:00 a.m. U.S. - Final Wholesale Inventories m/m
10:30 p.m. Australia - Cash Rate, RBA Rate Statement
11:30 p.m. Australia - RBA Press Conference
All Day, Eurozone - Eurogroup Meetings
Tuesday, December 10
6:00 a.m. U.S. - NFIB Small Business Index
8:30 a.m. U.S. - Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
All Day, Eurozone - ECOFIN Meetings
All Day - OPEC Meetings
Paul Rejczak
Stock Trading Strategist