Daily Gold News: February 3 – Gold Price Remains Above $2,800

Gold is trading along its new records as markets await further economic data.

The gold futures contract lost 0.36% on Friday, January 31, as it fluctuated following its recent record-breaking run-up. On Friday, gold reached its new record high of $2,862.90. It kept advancing despite some uncertainty in the stock market. On December 20, the market rebounded from its post-Fed local lows of around $2,600.

On November 14, gold was the lowest since mid-September after dropping in reaction to the presidential elections. Gold extended its decline from the late October high, reaching a local low of $2,541.50.

This morning, gold is fluctuating after the tariff news on the weekend, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: February 3 – Gold Price Remains Above $2,800 - Image 1

The gold price is unchanged, trading along the $2,830 level. What about the other precious metals? Silver is 0.2% lower, platinum is 2.7% lower, and palladium is 0.6% lower. So, the main precious metals’ prices are mixed this morning.

Friday’s Core PCE Price Index release has been as expected at +0.2% month-over-month. Today, we will get the ISM Manufacturing PMI number at 10:00 a.m., among others.

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

Monday, February 3

  • 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
  • 9:45 a.m. U.S. - Final Manufacturing PMI
  • 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
  • 12:30 p.m. U.S. - FOMC Member Bostic Speech
  • 2:00 p.m. U.S. - Loan Officer Survey
  • 6:30 p.m. U.S. - FOMC Member Musalem Speech
  • All Day, U.S. - Wards Total Vehicle Sales
  • All Day - OPEC-JMMC Meetings

Tuesday, February 4

  • 10:00 a.m. U.S. - JOLTS Job Openings, Factory Orders m/m
  • 11:00 a.m. U.S. - FOMC Member Bostic Speech
  • 1:15 p.m. U.S. - FOMC Member Daly Speech
  • 7:30 p.m. U.S. - FOMC Member Jefferson Speech
  • Tentative, U.S. - RCM/TIPP Economic Optimism

Paul Rejczak
Stock Trading Strategist