Daily Gold News: August 1 – Gold Price Remains Close to $2,000

Gold is trading along the $2,000 level as markets await series of economic data releases.

The gold futures contract (new series) gained 0.47% on Monday, July 31 as it broke above the $2,000 level. The market fluctuated following its Friday’s advance on economic data releases and stocks’ rebound.

On June 29 gold was the lowest since mid-March (the low was at $1,900.60). In May gold retreated from new medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from local low of around $1,813.

Today gold is trading below the $2,000 level again as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: August 1 – Gold Price Remains Close to $2,000 - Image 1

The gold price is 0.8% lower this morning as it is trading along the $1,990 level. What about the other precious metals? Silver is 1.1% lower, platinum is 1.5% lower and palladium is 1.0% lower. So the main precious metals’ prices are lower this morning.

Yesterday’s Chicago PMI release has been lower than expected at 42.8. Today we will get the important ISM Manufacturing PMI release 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).

Tuesday, August 1

  • 12:30 a.m. Australia - Cash Rate, RBA Rate Statement
  • 9:45 a.m. U.S. - Final Manufacturing PMI
  • 10:00 a.m. U.S. - ISM Manufacturing PMI, JOLTS Job Openings, ISM Manufacturing Prices, Construction Spending m/m

Wednesday, August 2

  • 8:15 a.m. U.S. - ADP Non-Farm Employment Change
  • 9:45 p.m. China - Caixin Services PMI

Paul Rejczak
Stock Trading Strategist