Daily Gold News: February 2 – Gold Price Remains Above $2,050

Gold is trading along $2,070 as markets await monthly jobs data release.

The gold futures contract gained 0.18% on Thursday, February 1, as it continued to fluctuate following the Wednesday’s FOMC monetary policy release. Recently the market was extending a consolidation after its mid-January sell-off. Last Thursday, gold was at the lowest point since December 13, but it quickly recovered losses, remaining above $2,000 mark.

In late December, gold bounced from the $2,100 level, and recently it was going sideways after breaking below the previous local lows. Earlier, the yellow metal fluctuated following its December 4 extraordinary price action and a downward reversal from new all-time high price of $2,152.30. Then, it traded below $2,000 mark on stronger U.S. dollar, uncertainty concerning economic data. After the Fed’s release gold rallied back above $2,050 price level.

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.

This morning gold is trading along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: February 2 – Gold Price Remains Above $2,050 - Image 1

The gold price is 0.1% higher, as it is trading slightly above the $2,070 level. What about the other precious metals? Silver is 0.5% higher, platinum is 1.0% higher and palladium is 1.6% higher. So the main precious metals’ prices are higher this morning.

Yesterday’s Unemployment Claims release has been higher than expected at 224,000, and the ISM Manufacturing PMI has been higher than expected at 49.1. Today, we will receive the important monthly jobs report at 8:30 a.m., including Nonfarm Payrolls and the Unemployment Rate number.

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

Friday, February 2

  • 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
  • 10:00 a.m. U.S. - Revised UoM Consumer Sentiment, Factory Orders m/m, Revised UoM Inflation Expectations

Monday, February 5

  • 9:45 a.m. U.S. - Final Services PMI
  • 10:00 a.m. U.S. - ISM Services PMI
  • 2:00 p.m. U.S. - FOMC Member Bostic Speech, Loan Officer Survey
  • 10:30 p.m. Australia - Cash Rate, RBA Rate Statement, RBA Monetary Policy Statement
  • 11:30 p.m. Australia - RBA Press Conference

Paul Rejczak
Stock Trading Strategist