Gold extended its last week’s declines; investors await key economic data.
The gold futures contract lost 0.18% on Tuesday, September 3, as it extended a pull-back from last week’s local highs above the $2,560 level. However, it rebounded from the $2,500 level yesterday. Last Monday, gold approached its August 20 record high of $2,570.40. On the previous Friday, gold rebounded on weaker U.S. dollar following the Fed Chair Powell’s speech at the Jackson Hole Symposium.
This morning, gold is rebounding from the $2,500 level again, 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 along the $2,520 level. What about the other precious metals? Silver is 0.4% lower, platinum is 0.4% lower and palladium is 1.0% lower. So, the main precious metals’ prices are slightly lower this morning.
Yesterday’s ISM Manufacturing PMI release has been lower than expected at 47.2. Today, we will get the important JOLTS Job Openings number at 10:00 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, September 4
- 8:30 a.m. U.S. - Trade Balance
- 9:45 a.m. Canada - BOC Rate Statement, Overnight Rate
- 10:00 a.m. U.S. - JOLTS Job Openings, Factory Orders m/m
- 10:30 a.m. Canada - BOC Press Conference
- 2:00 p.m. U.S. - Beige Book
- 10:00 a.m. Australia - RBA Governor Bullock Speech
- All Day, U.S. - Wards Total Vehicle Sales
Thursday, September 5
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
Paul Rejczak
Stock Trading Strategist