Daily Gold News: Dec. 1 – Gold Price Advanced After Powell’s Speech

Precious metals’ prices are mixed this morning, as more economic data comes in.

The gold futures contract lost 0.22% on Wednesday, November 30, as it fluctuated following series of economic data releases, Fed Chair Powell’s speech,volatile stock markets and oil . The yellow metal reached new local high of $1,784.20, but it retraced the whole advance before closing slightly below the price level of $1,760. Last week on Wednesday the gold price rebounded from the local low of $1,719, and on November 15 it reached medium-term high of $1,791.80. This morning gold is getting close to yesterday’s daily high again, as we can see on the daily chart (the chart includes today’s intraday data):

The gold price is 0.6% higher, as it is trading along the $1,780 level. What about the other precious metals? Silver is 0.3% lower, platinum is 0.7% lower and palladium is 0.6% higher. So the main precious metals’ prices are mixed this morning.

Yesterday’s ADP Non-Farm Employment Change release has been lower than expected at +127,000, and the JOLTS Job Openings release has been slightly higher than expected at 10.33M. Today we will get the important Core PCE Price Index and ISM Manufacturing PMI releases, among others. The markets will be waiting for tomorrow’s monthly jobs data, among others.

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

Thursday, December 1

  • 8:30 a.m. U.S. - Core PCE Price Index m/m, Unemployment Claims, Personal Income m/m, Personal Spending m/m
  • 8:30 a.m. Japan - BOJ Governor Kuroda Speech
  • 9:30 a.m. U.S. - FOMC Member Bowman Speech
  • 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
  • 3:00 p.m. U.S. - FOMC Member Barr Speech
  • 9:40 p.m. Australia - RBA Governor Lowe Speech
  • 9:40 p.m. Eurozone - ECB President Lagarde Speech

Friday, December 2

  • 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

Paul Rejczak
Stock Trading Strategist