Gold is reaching new highs as markets await more economic data and tariff developments.
The gold futures contract gained 0.65% on Tuesday, February 4, as it extended its uptrend, reaching yet another new record high and nearing the $2,900 level. On Monday, it rebounded from the daily low of around $2,800 and reached record high after the tariff news on the weekend. Recently, it kept advancing despite some uncertainty in the stock market. On December 20, the market rebounded from its post-Fed local lows of around $2,600.
On November 14, gold was the lowest since mid-September after dropping in reaction to the presidential elections. Gold extended its decline from the late October high, reaching a local low of $2,541.50.
This morning, gold is further extending the uptrend, reaching a new record, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.6% higher, trading along the $2,890 level. What about the other precious metals? Silver is 0.3% lower, platinum is 1.1% higher, and palladium is 1.0% higher. So, the main precious metals’ prices are mixed this morning.
Yesterday’s JOLTS Job Openings release has been lower than expected at 7,60 million. Today, we will get the ADP Non-Farm Employment Change release at 8:15 a.m., and the ISM Services PMI release at 10:00 a.m., among others.
Below is our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, February 5
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Trade Balance
- 9:00 a.m. U.S. - FOMC Member Barkin Speech
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
- 1:00 p.m. U.S. - FOMC Member Goolsbee Speech
- 3:00 p.m. U.S. - FOMC Member Bowman Speech
- 7:30 p.m. U.S. - FOMC Member Jefferson Speech
Thursday, February 6
- 7:00 a.m. U.K. - BOE Monetary Policy Report, Monetary Policy Summary, MPC Official Bank Rate Votes, Official Bank Rate
- 7:30 a.m. U.S - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
- 10:00 a.m. Canada - Ivey PMI
- 2:30 p.m. U.S. - FOMC Member Waller Speech
- 3:30 p.m. U.S. - FOMC Member Daly Speech
Paul Rejczak
Stock Trading Strategist