Daily Gold News: Jan. 3 – Gold Price Reaches New Medium-Term High

Gold went above $1,850 this morning, but since then it has been retracing the advance.

The gold futures contract gained 0.01% on Friday, Dec. 30, as it extended a short-term consolidation above the $1,800 level. Recently it rallied on Bank of Japan’s monetary policy release, but then the market came back slightly to the 1,800 level again. The yellow metal fluctuated following Central Banks’ monetary policy releases, stock markets’ declines. This morning gold was trading at new local high, but it retraced most of the intraday advance, as we can see on the daily chart (the chart includes today’s intraday data):

Today the gold price is 0.4% higher, as it is trading above the $1,830 level. What about the other precious metals? Silver is 1.3% higher, platinum is 0.4% higher and palladium is 0.5% lower. So the main precious metals’ prices are higher this morning.

Last Friday’s Chicago PMI release has been higher than expected at 44.9. Today we will get the Final Manufacturing PMI release, among others.

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

Tuesday, January 3

  • 9:45 a.m. U.S. - Final Manufacturing PMI
  • 10:00 a.m. U.S. - Construction Spending m/m
  • All Day - OPEC-JMMC Meetings

Wednesday, January 4

  • 3:55 a.m. Eurozone - German Final Services PMI
  • 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, JOLTS Job Openings
  • 2:00 p.m. U.S. - FOMC Meeting Minutes

Paul Rejczak
Stock Trading Strategist