Daily Gold News: Feb. 6 – Strong Economic Data Sends Gold Price Lower
The yellow metal sold off on Friday on better economic data, today it’s trading below $1,900.
The gold futures contract lost 2.81% on Friday, Feb. 3, as it sold off following better-than-expected monthly jobs data release. On Thursday it reached another new medium-term high of $1,975.02 and the next day it traded well below the $1,900 level. So 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 bouncing slightly, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.4% higher this morning, as it is trading along the $1,880 level. What about the other precious metals? Silver is 0.5% higher, platinum is 0.7% higher and palladium is 2.0% lower. So the main precious metals’ prices are higher this morning.
Friday’s important Nonfarm Payrolls release has been higher than expected at +517,000 m/m and the Unemployment Rate release has been lower than expected at 3.4%. Today we won’t get any new important economic data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
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
Tuesday, February 7
- 8:30 a.m. U.S. - Trade Balance
- 12:00 p.m. U.S. - Fed Chair Powell Speech
- 12:30 p.m. Canada - BOC Governor Macklem Speech
- 2:00 p.m. U.S. - FOMC Member Barr Speech
- 3:00 p.m. U.S. - Consumer Credit m/m
- Tentative, U.S. - IBD/TIPP Economic Optimism
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