Gold is retracing Friday’s decline as markets await economic data.
The gold futures contract gained 0.12% on Wednesday, September 4, as it continued to fluctuate following its Friday’s retreat. Yesterday, it rebounded from the $2,500 level again. 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 gaining and retracing the recent decline, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.8% higher, as it is trading near the $2,550 level. What about the other precious metals? Silver is 1.8% higher, platinum is 2.2% higher and palladium is 1.1% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s JOLTS Job Openings release has been lower than expected at 7.67 million. Today, we will get the important ADP Non-Farm Employment Change release at 8:15 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).
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
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 8:45 a.m. U.S. - FOMC Member Williams Speech
- 10:00 a.m. Canada - Ivey PMI
- 11:00 a.m. U.S. - FOMC Member Waller Speech
Paul Rejczak
Stock Trading Strategist