Gold sold off following jobs data; all eyes are on the Wednesday’s CPI, Fed.
The gold futures contract lost 2.76% on Friday, June 7, as it retraced its last week’s advances, breaking below some recent local lows following monthly jobs data and a stronger U.S. dollar, among other factors. Recently, gold fluctuated after retreating from its May 20 record high of $2,454.20.
In mid-February, gold was the lowest since mid-December, after breaking below local lows from January on consumer inflation release. Since then, it gained over $450.
This morning, gold is basically going sideways, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% lower, as it is trading above the $2,300 level. What about the other precious metals? Silver is 1.3% higher, platinum is 0.3% higher and palladium is 0.7% higher. So, the main precious metals’ prices are mixed this morning.
Friday’s Nonfarm Payrolls release has been higher than expected at +272,000, and the Unemployment Rate has also been higher than expected at 4.0%. Today, we won’t get any new important economic data; the markets will be waiting for the important CPI number and the FOMC release on Wednesday.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, June 10
- No important economic data
Tuesday, June 11
- 2:00 a.m. U.K. - Claimant Count Change, Average Earnings Index 3m/y
- 6:00 a.m. U.S. - NFIB Small Business Index
- 1:01 p.m. U.S. - 10-y Bond Auction
- 9:30 p.m. China - CPI y/y, PPI y/y
Paul Rejczak
Stock Trading Strategist