Daily Gold News: Dec. 2 – Gold Price Pulls Back Ahead of Jobs Data

Gold rallied 3% on Thursday, and today the markets are awaiting the important employment release.

The gold futures contract gained 3.14% on Thursday, December 1, as it rallied following Wednesday’s Powell’s speech, economic data releases and a consequent U.S. dollar weakness. Last week on Wednesday gold price rebounded from the local low of $1,719 and yesterday it broke above the $1,800 level. The yellow metal was the highest since August, as it reached a local high of $1,818.40. This morning the market is trading along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Today the gold price is 0.3% lower, as it is still trading above the $1,800 level. What about the other precious metals? Silver is 0.5% lower, platinum is 1.6 % lower and palladium is 1.8% higher. So the main precious metals’ prices are lower this morning.

Yesterday’s important Core PCE Price Index release has been lower than expected at +0.2% m/m and the ISM Manufacturing PMI release has been slightly lower than expected at 49.0. Today we will get the Nonfarm Payrolls, Unemployment Rate and Average Hourly Earnings releases at 8:30 a.m.

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

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

Monday, December 5

  • 9:45 a.m. U.S. - Final Services PMI
  • 10:00 a.m. U.S. - ISM Services PMI, Factory Orders m/m
  • 10:30 a.m. Australia - Cash Rate, RBA Rate Statement
  • All Day, Eurozone - Eurogroup Meetings

Paul Rejczak
Stock Trading Strategist