Daily Gold News: Dec. 5 – Gold Price Remains Close to Local Highs

Gold trades close to the $1,800 level, as it is going sideways after last week’s rally.

The gold futures contract lost 0.31% on Friday, Dec. 2, as it fluctuated along the $1,800 level following its recent rally. The yellow metal advanced after the Wednesday’s dovish Fed Chief Powell’s speech, economic data releases and a consequent U.S. dollar weakness. In the previous week gold price rebounded from the local low of $1,719. This morning gold price extended its uptrend, but right now it’s trading along the Friday’s close, as we can see on the daily chart (the chart includes today’s intraday data):

Today the gold price is 0.1% lower, as it is trading along the $1,800 level. What about the other precious metals? Silver is 0.6% lower, platinum is 1.0 % higher and palladium is 1.2% higher. So the main precious metals’ prices are mixed this morning.

Friday’s Nonfarm Payrolls release has been better than expected at +263,000 and the Unemployment Rate has been as expected at 3.7%. Today we will get the important ISM Services PMI release at 10:00 a.m., among others.

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

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

Tuesday, December 6

  • 8:30 a.m. U.S. - Trade Balance
  • 7:30 p.m. Australia - GDP q/q
  • All Day, Eurozone - ECOFIN Meetings

Paul Rejczak
Stock Trading Strategist