Daily Gold News: February 4 – Gold Price Facing Increased Volatility
Gold is pulling back from yesterday’s record as markets await additional economic data.
The gold futures contract gained 0.78% on Monday, February 3, as it fluctuated following the U.S. tariff news on the weekend. Gold rebounded from the daily low of $2,802.20 and reached a new record high of $2,872. Recently, 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 retracing some of the advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.5% lower, trading along the $2,840 level. What about the other precious metals? Silver is 0.8% lower, platinum is 0.6% lower, and palladium is 2.4% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s ISM Manufacturing PMI release was higher than expected at 50.9. Today, we will get the JOLTS Job Openings 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).
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
Wednesday, February 5
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Trade Balance
- 9:00 a.m. U.S. - FOMC Member Barkin Speech
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
- 1:00 p.m. U.S. - FOMC Member Goolsbee Speech
- 3:00 p.m. U.S. - FOMC Member Bowman Speech
- 7:30 p.m. U.S. - FOMC Member Jefferson Speech
Paul Rejczak
Stock Trading Strategist