Daily Gold News: Jan. 9 – Gold Advances After Friday’s Jobs Data
Gold price reaches new medium-term highs, as it gets closer to $1,900 level.
The gold futures contract gained 1.58% on Friday, Jan. 6, as it retraced its recent pull-back and reached new local high on better-than-expected monthly jobs data release. The market remains volatile at the beginning of a new year. On Wednesday it traded as low as $1,830 and today it’s reaching above the $1,880 level. Recently the yellow metal fluctuated following Central Banks’ monetary policy releases, stock markets’ declines. This morning gold is slightly extending its short-term 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 along the $1,880 level. What about the other precious metals? Silver is 0.4% higher, platinum is unchanged and palladium is 0.5% higher. So the main precious metals’ prices are higher this morning.
Friday’s Non-Farm Employment Change release has been higher than expected at +223,000 m/m, and the Unemployment Rate has been lower than expected at 3.5%. Today we won’t get any new important economic data releases. The markets will be waiting for tomorrow’s Fed Chief Powell’s speech and the important Thursday’s Consumer Price Index release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Monday, January 9
- 3:00 a.m. U.S. - Consumer Credit m/m
Tuesday, January 10
- 5:10 a.m. Canada - BOC Governor Macklem Speech
- 5:10 a.m. Japan - BOJ Governor Kuroda Speech
- 6:00 a.m. U.S. - NFIB Small Business Index
- 9:00 a.m. U.S. - Fed Chair Powell Speech
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 7:30 p.m. Australia - CPI y/y, Retail Sales m/m
- Tentative, U.S. - IBD/TIPP Economic Optimism
Stock Trading Strategist