Daily Gold News: Jan. 6 – Gold Price Is Below $1,850 Again

Gold pulled back from its Wednesday’s high ahead of the important monthly jobs data release.

The gold futures contract lost 0.99% on Thursday, Jan. 5, as it retraced its Wednesday’s advance of 0.7%. The market remains volatile at the beginning of a new year. On Wednesday it reached new medium-term high of $1,871.30, and yesterday it traded as low as $1,830. Recently the yellow metal fluctuated following Central Banks’ monetary policy releases, stock markets’ declines. This morning gold is fluctuating along its yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Today the gold price is 0.2% higher, as it is trading slightly below the $1,840 level. What about the other precious metals? Silver is 0.8% higher, platinum is 0.6% lower and palladium is 0.9% higher. So the main precious metals’ prices are higher this morning.

Yesterday’s ADP Non-Farm Employment Change release has been higher than expected at +235,000. Today we will get the important Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings releases at 8:30 a.m.

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

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

Monday, January 9

  • 3:00 a.m. U.S. - Consumer Credit m/m

Paul Rejczak
Stock Trading Strategist