Daily Gold News: August 3 – Gold Fluctuates Following Tuesday’s Sell-Off
Gold price is slightly extending its short-term decline ahead of tomorrow’s U.S. jobs data.
The gold futures contract lost 0.19% on Wednesday, August 2 as it slightly extended its Tuesday’s decline of 1.5%. On Monday the market reached a local high of $2,010.90 and yesterday it traded as low as $1,969. The market reacted to strengthening U.S. dollar and falling stock prices, among other factors.
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 sideways and along the local low as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% lower this morning as it is trading slightly above the $1,970 level. What about the other precious metals? Silver is 0.5% lower, platinum is 0.2% lower and palladium is 1.0% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s ADP Non-Farm Employment Change release has been much higher than expected at +324,000. Today we will get the ISM Services PMI release at 10:00 a.m., among others. The markets will be waiting for tomorrow’s monthly jobs data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, August 3
- 7:00 a.m. U.K. - BOE Monetary Policy Report, MPC Official Bank Rate Votes, Monetary Policy Summary, Official Bank Rate
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 7:30 a.m. U.K. - BOE Governor Bailey Speech
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI, Factory Orders m/m
- 9:30 p.m. Australia - RBA Monetary Policy Statement
- All Day - OPEC-JMMC Meetings
Friday, August 4
- 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
Stock Trading Strategist