Daily Gold News: August 7 – Gold Remains Below $2,000 Level

Gold price continues to fluctuate along $1,970; more economic data in focus.

The gold futures contract gained 0.37% on Friday, August 4 as it bounced from the local low of $1,954.50. The market fluctuated following the monthly jobs data release, stocks’ volatility. Last week on Monday gold’s December futures contract reached a local high of $2,010.90. Then it has retraced most of the recent advances.

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 lower as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: August 7 – Gold Remains Below $2,000 Level - Image 1

The gold price is 0.3% lower this morning as it is trading along the $1,970 level again. What about the other precious metals? Silver is 1.1% lower, platinum is 0.7% lower and palladium is 0.2% higher. So the main precious metals’ prices are lower this morning.

Friday’s Nonfarm Payrolls release has been slightly lower than expected at +187,000 and the Unemployment Rate has been lower than expected at 3.5%. Today we will get speeches from the FOMC Members. The markets will be waiting for the important Consumer Price Index release on Thursday.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).

Monday, August 7

  • 8:15 a.m. U.S. - FOMC Member Harker Speech
  • 8:30 a.m. U.S. - FOMC Member Bowman Speech
  • 3:00 p.m. U.S. - Consumer Credit m/m
  • All Day, Canada – Bank Holiday

Tuesday, August 8

  • 6:00 a.m. U.S. - NFIB Small Business Index
  • 8:30 a.m. U.S. - Trade Balance
  • 10:00 a.m. U.S. - Final Wholesale Inventories m/m
  • 9:30 p.m. China - CPI y/y, PPI y/y
  • Tentative, U.S. - IBD/TIPP Economic Optimism

Paul Rejczak
Stock Trading Strategist