Gold retreated from its record high; markets await monthly jobs data.
The gold futures contract lost 1.84% on Thursday, October 31, as it pulled back from the Wednesday’s record high of $2,801.80 following economic data, stock prices sell-off. It breached the $2,800 level again, but ultimately, failed to continue the uptrend yesterday. Recently, the yellow metal kept gaining amid strengthening U.S. dollar, geopolitical tensions, among others.
This morning, gold is rebounding, 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 $2,760 level. What about the other precious metals? Silver is 0.6% higher, platinum is 0.1% higher and palladium is 0.2% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Core PCE Price Index release has been as expected. Today, we will get the important monthly jobs data at 8:30 a.m., and the ISM Manufacturing PMI number at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, November 1
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- All Day, U.S. - Wards Total Vehicle Sales
- All Day, Eurozone - French Bank Holiday, Italian Bank Holiday
Monday, November 4
- 10:00 a.m. U.S. - Factory Orders
- 10:30 p.m. Australia - Cash Rate, RBA Monetary Policy Statement, RBA Rate Statement
- All Day, Eurozone - Eurogroup Meetings
Paul Rejczak
Stock Trading Strategist