Gold price is advancing ahead of the Fed’s Rate Decision later in the day.
The gold futures contract gained 1.09% on Tuesday, July 30, as it broke slightly above the $2,450 level in a reaction to economic data releases, stock market’s volatility. It went closer to July 17 record high of $2,488.40 yesterday. Last Thursday, the market broke below the recent lows following stock market sell-off, reaching a local low of $2,351.90.
This morning, gold is extending its short-term advances, 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 above the $2,460 level. What about the other precious metals? Silver is 0.8% higher, platinum is 0.7% higher and palladium is 2.3% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s CB Consumer Confidence release has been higher than expected at 100.3, and the JOLTS Job Openings release has also been higher at 8.18 million. Today, we will get a series of important economic data, including the ADP Non-Farm Employment Change at 8:15 a.m., and the FOMC Statement at 2:00 p.m., to be followed by the FOMC Press Conference at 2:30 p.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, July 31
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Employment Cost Index q/q
- 8:30 a.m. Canada - GDP m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 2:00 p.m. U.S. - Federal Funds Rate, FOMC Statement
- 2:30 p.m. U.S. - FOMC Press Conference
- Tentative, Japan - BOJ Press Conference
Thursday, August 1
- 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
- 9:45 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- 7:30 a.m. U.K. - BOE Governor Bailey Speech
- All Day, U.S. - Wards Total Vehicle Sales
Paul Rejczak
Stock Trading Strategist