Gold price remains near $1,900 as markets await employment data.
The gold futures contract gained 0.60% on Wednesday, February 5, as it extended its record-breaking rally, reaching a new all-time high of $2,906.00. On Monday, it rebounded from its daily low of around $2,800 and reached record highs after the tariff news on a 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 a 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 moving sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is unchanged, as it is trading along the $2,890 level again. What about the other precious metals? Silver is 1.1% lower, platinum is 0.6% higher and palladium is 0.3% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s ADP Non-Farm Employment Change release has been higher than expected at 183,000. Today, we will get the Unemployment Claims number at 8:30 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
- 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
Friday, February 7
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 9:25 a.m. U.S. - FOMC Member Bowman Speech
- 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations, Final Wholesale Inventories m/m
- 12:00 p.m. U.S. - FOMC Member Kugler Speech
- 3:00 p.m. U.S. - Consumer Credit m/m
Paul Rejczak
Stock Trading Strategist