Gold price is moving sideways ahead of the monthly jobs data.
The gold futures contract lost 0.56% on Thursday, February 6, as it retraced some of its recent record-breaking rally. On Wednesday, it reached 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 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 extending a consolidation, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% higher, as it is trading along the $2,890 level again. What about the other precious metals? Silver is 0.3% higher, platinum is 0.4% higher and palladium is 0.3% lower. So, the main precious metals’ prices are mixed this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 219,000. Today, we will get the key monthly jobs data at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Monday, February 10
- Tentative, U.S. - Cleveland Fed Inflation Expectations
- All Day, Japan - Bank Holiday
Paul Rejczak
Stock Trading Strategist