Daily Gold News: August 30 – Gold Price Broke Higher
Gold was gaining following worse-than-expected economic data releases.
The gold futures contract gained 0.94% on Tuesday, August 29 as it retraced more of the recent declines following worse-than-expected employment data release. The market was rallying due to a weaker U.S. dollar and advancing stock markets amidst reduced pressure for the further monetary policy tightening. Recently gold was trading along the $1,925 level. after breaking slightly below the $1,920 level. On July 31 gold’s December futures contract reached a local high of $2,010.90 and last week on Monday it was the lowest since early July.
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 a local low of around $1,813.
Today gold is trading slightly higher as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher this morning as it is trading above the $1,960 level. What about the other precious metals? Silver is 0.4% lower platinum is 0.4% higher and palladium is 0.7% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s CB Consumer Confidence release has been worse than expected at 106.1 and the JOLTS Job Openings release has been worse than expected at 8.83 million. Today we will get the important ADP Non-Farm Employment Change and Preliminary GDP releases, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, August 30
- 3:00 a.m. Eurozone - Spanish Flash CPI y/y
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Preliminary GDP q/q, Preliminary GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 10:00 a.m. U.S. - Pending Home Sales m/m
- 9:30 p.m. China - Manufacturing PMI, Non-Manufacturing PMI
- All Day, Eurozone - German Preliminary CPI m/m
Thursday, August 31
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Unemployment Claims, Personal Income m/m, Personal Spending m/m
- 9:45 a.m. U.S. - Chicago PMI
- 9:45 p.m. China - Caixin Manufacturing PMI
Stock Trading Strategist