Gold reached new record high above $2,800 mark; more economic data in focus.
The gold futures contract gained 0.71% on Wednesday, October 30, as it reached a new record high of $2,801.80. On Tuesday, gold broke above its last week’s high, and yesterday, it extended the uptrend. It breached the $2,800 level ahead of economic data, upcoming presidential elections. Recently, the yellow metal kept gaining amid strengthening U.S. dollar, geopolitical tensions, among others.
This morning, gold is trading 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 along the $2,790 level. What about the other precious metals? Silver is 1.3% lower, platinum is 1.0% lower and palladium is 2.0% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s JOLTS ADP Non-Farm Employment Change release has been higher than expected at +233,000, and the Advance GDP release has been lower than expected at +2.8%. q/q. Today, we will get the important Core PCE Price Index release at 8:30 a.m., along with the Unemployment Claims number.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
- 6:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Employment Cost Index q/q, Unemployment Claims, Personal Income m/m, Personal Spending m/m
- 9:45 a.m. U.S. - Chicago PMI
- Tentative, Japan - BOJ Press Conference
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
Paul Rejczak
Stock Trading Strategist