Daily Gold News: Jan. 5 – Precious Metals Retrace Some of Their Recent Advance
Gold pulls back from new medium-term high, as investors await series of economic data releases.
The gold futures contract gained 0.70% on Wednesday, Jan. 4, as it extended its Tuesday’s advance of 1.1% on new year’s markets’ optimism and economic data releases, among others. The market went above the $1,850 mark. Recently the yellow metal fluctuated following Central Banks’ monetary policy releases, stock markets’ declines. This morning gold is retracing some of its advances, as we can see on the daily chart (the chart includes today’s intraday data):
Today the gold price is 0.4% lower, as it is trading close to the $1,850 level again. What about the other precious metals? Silver is 1.4% lower, platinum is 0.5% higher and palladium is 1.1% higher. So the main precious metals’ prices are lower this morning.
Yesterday’s ISM Manufacturing PMI release has been basically as expected at 48.4 and the JOLTS Job Openings release has been higher than expected at 10.46 million. Today we will get the important ADP Non-Farm Employment Change number at 8:15 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Thursday, January 5
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Unemployment Claims, Trade Balance
Friday, January 6
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y, Retail Sales m/m
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 8:30 a.m. Canada - Employment Change, Unemployment Rate
- 10:00 a.m. U.S. - ISM Services PMI, Factory Orders m/m
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