Daily Gold News: February 5 – Gold Price Extends Friday’s Decline

Gold is trading below the $2,050 level as the U.S. dollar gains further strength.

The gold futures contract lost 0.84% on Friday, February 2, as it retraced most of its recent advances following economic data and stronger U.S. dollar. In the previous week, gold was at the lowest point since December 13, but it quickly recovered losses, remaining above $2,000 mark. Last week, it bounced to the local high of $2,083.20 on Thursday, but then it declined after Friday’s monthly jobs data release.

This morning gold is extending its Friday’s retreat, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: February 5 – Gold Price Extends Friday’s Decline - Image 1

The gold price is 0.5% lower, as it is trading below the $2,050 level. What about the other precious metals? Silver is 1.1% lower, platinum is 0.6% higher and palladium is 1.3% lower. So the main precious metals’ prices are lower this morning.

Friday’s Nonfarm Payrolls release has been much higher than expected at +353,000, and the Unemployment rate has been lower than expected at 3.7%. Today, we will get the ISM Services PMI release 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 (EST Timezone).

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

Tuesday, February 6

  • 10:00 a.m. Canada - Ivey PMI
  • 12:00 p.m. U.S. - FOMC Member Mester Speech
  • 12:45 p.m. Canada - BOC Governor Macklem Speech
  • Tentative, U.S. - RCM/TIPP Economic Optimism

Paul Rejczak
Stock Trading Strategist