Daily Gold News: Feb. 10 - Gold Is Slightly Lower

Gold price is extending the decline on weaker stock markets, stronger U.S. dollar.

The gold futures contract lost 0.65% on Thursday, Feb. 9, as it continued to fluctuate following last week’s Thursday’s-Friday’s sell-off caused by the Fed’s Rate Decision and series of economic data releases. Last week it reached new medium-term high of $1,975.02 and then it went well below the $1,900 level. The market retraced its month-long advance on renewed monetary policy tightening fears. In early January the yellow metal has been advancing on weaker U.S. dollar and then it fluctuated after Central Banks’ monetary policy releases, stock markets’ volatility. Today gold price is trading along its recent lows, as we can see on the daily chart (the chart includes today’s intraday data):

The gold price is 0.1% lower this morning, as it is trading below the $1,880 level. What about the other precious metals? Silver is 0.8% higher, platinum is 0.4% higher and palladium is 2.6% lower. So the main precious metals’ prices are mixed this morning.

Yesterday’s Unemployment Claims release has been higher than expected at 196,000. Today we will get the UoM Consumer Sentiment 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.

Friday, February 10

  • 2:00 a.m. U.K.- GDP m/m, Preliminary GDP q/q
  • 8:30 a.m. Canada - Employment Change, Unemployment Rate
  • 10:00 a.m. U.S. - Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations
  • 12:30 p.m. U.S. - FOMC Member Waller Speech
  • 2:00 p.m. U.S. - Federal Budget Balance
  • 4:00 p.m. U.S. - FOMC Member Harker Speech

Monday, February 13

  • All Day, Eurozone - Eurogroup Meetings

Paul Rejczak
Stock Trading Strategist