Gold extends a consolidation despite strong U.S dollar.
The gold futures contract lost 0.19% on Thursday, February 8, as it further extended a consolidation following Friday’s and Monday’s declines. Recently, precious metals’ prices reacted negatively to better-than-expected economic data and gaining dollar, among other factors.
In the previous week, gold was at the lowest point since December 13, but it quickly recovered losses, remaining above $2,000 mark. Last week, it bounced to the local high of $2,083.20 on Thursday, but then it declined and broke below the $2,050 level.
This morning gold is trading closer to local lows, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower, as it is trading slightly below the $2,050 level. What about the other precious metals? Silver is 0.5% higher, platinum is 0.8% lower and palladium is 0.2% higher. So the main precious metals’ prices are mixed again this morning.
Yesterday’s Unemployment Claims release has been slightly lower than expected at 218,000. Today, we won’t get any new important economic data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, February 9
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
Monday, February 12
- 1:00 p.m. U.K. - BOE Governor Bailey Speech
- 2:00 p.m. U.S. - Federal Budget Balance
- All Day, Eurozone - Eurogroup Meetings
- All Day, China – Bank Holiday
Paul Rejczak
Stock Trading Strategist