Daily Gold News: Feb. 2 – Gold Trades Above $1,950
Gold price reached new high following Fed’s release, but the advance was short-lived.
The gold futures contract lost 0.13% on Wednesday, Feb. 1, after advancing to its new medium-term high following the FOMC Rate Decision release. The daily high was at $1,970.80, but at the end of the day gold price was well below $1,950. In early January the yellow metal advanced on weaker U.S. dollar following economic data releases, among other factors. Then it fluctuated after Central Banks’ monetary policy releases, stock markets’ volatility. Today gold price is slightly higher, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% higher this morning, as it is trading slightly above the $1,950 level. What about the other precious metals? Silver is 2.1% higher, platinum is 1.6% higher and palladium is 0.8% 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 +106,000 and the ISM Manufacturing PMI release has been lower than expected at 47.4. The FOMC release led to a higher volatility. Today we will get the ECB Rate Decision at 8:15 a.m., and a series of economic data releases, including Unemployment Claims, Factory Orders.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Thursday, February 2
- 7:00 a.m. U.K. - BOE Monetary Policy Report, MPC Official Bank Rate Votes, Monetary Policy Summary, Official Bank Rate
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
- 8:30 a.m. U.S. - Unemployment Claims, Preliminary Nonfarm Productivity q/q, Preliminary Unit Labor Costs q/q
- 8:45 a.m. Eurozone - ECB Press Conference
- 10:00 a.m. U.S. - Factory Orders m/m
- 10:15 a.m. Eurozone - ECB President Lagarde Speech
Friday, February 3
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
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