Daily Gold News: December 1 – Gold Remains Close to Local High

Gold price remains close to $2,050 ahead of economic data, Powell’s speech.

The gold futures contract lost 0.44% on Thursday, November 30 as it fluctuated following its recent advances. On Tuesday and Wednesday gold was extending its uptrend on economic data, weaker U.S. dollar, among other factors. The market went close to $2,050 price level and it was the highest since May. On previous Monday gold was the lowest since mid-October, and then it rallied after lower-than-expected CPI release last week.

On October 6 gold reached new medium-term low of $1,823.50. It was the lowest since early March, but then the market bounced and rallied above $2,000.

Today gold continues to fluctuate as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: December 1 – Gold Remains Close to Local High - Image 1

The gold price is 0.4% higher as it is trading closer to the $2,050 level again (it’s the less active contract series; February contract is trading slightly below $2,060). What about the other precious metals? Silver is 0.3% higher, platinum is 0.3% lower and palladium is 1.4% lower. So the main precious metals’ prices are higher this morning.

Yesterday’s important Core PCE Price Index release has been as expected at +0.2%. Today we will get the ISM Manufacturing PMI release at 9:45 a.m. There will also be speeches from the Fed Chair Jerome Powell later in the day.

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

Friday, December 1

  • 3:00 a.m. U.S. - FOMC Member Barr Speech
  • 6:30 a.m. Eurozone - ECB President Lagarde Speech
  • 8:30 a.m. Canada - Employment Change, Unemployment Rate
  • 9:45 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m, FOMC Member Goolsbee Speech
  • 11:00 a.m. U.S. - Fed Chair Powell Speech
  • 2:00 p.m. U.S. - Fed Chair Powell Speech, FOMC Member Cook Speech

Monday, December 4

  • 9:00 a.m. Eurozone - ECB President Lagarde Speech
  • 10:00 a.m. U.S. - Factory Orders m/m
  • 10:30 p.m. Australia - Cash Rate, RBA Rate Statement

Paul Rejczak
Stock Trading Strategist