Daily Gold News: Feb. 3 – Gold Sold Off From Another New High

Gold price went closer to its previous lows yesterday, and today it’s flat ahead of the jobs data.

The gold futures contract lost 0.62% on Thursday, Feb. 2, after reaching yet another new medium-term high of $1,975.02 following Wednesday’s FOMC and yesterday’s ECB monetary policy releases. The market retraced its intraday advance and it went to the daily low of $1,925.60. In early January the yellow metal has been advancing 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 going sideways ahead of the monthly jobs number release, as we can see on the daily chart (the chart includes today’s intraday data):

The gold price is 0.1% higher this morning, as it is trading along the $1,930 level. What about the other precious metals? Silver is 0.1% higher, platinum is 0.5% lower and palladium is 0.5% higher. So the main precious metals’ prices are virtually flat this morning.

Yesterday’s Unemployment Claims release has been better than expected at 183,000. Today we will get the important Nonfarm Payrolls and Unemployment Rate releases at 8:30 a.m. and the ISM Services PMI number 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 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

Monday, February 6

  • 10:00 a.m. Canada - Ivey PMI
  • 10:30 p.m. Australia - Cash Rate, RBA Rate Statement
  • Tentative, U.S. - Loan Officer Survey

Paul Rejczak
Stock Trading Strategist