Daily Gold News: July 3 – Gold Price Bounced From Thursday’s Low

Gold trades sideways as the U.S. long holiday weekend reduces liquidity.

The gold futures contract gained 0.6% on Friday, June 30 as it bounced from its Thursday’s local low of $1,900.60. On Thursday gold was the lowest since mid-March. Recently it has been bouncing from the $1,920 level, but a stronger U.S. dollar, stock markets’ advances pushed the yellow metal’s price lower.

In May gold retreated from new medium-term high of $2,085.40 and in early March it was selling off after the Fed Chief Powell’s hawkish testimony. Then it rebounded from the local low of around $1,813.

Today gold is trading along the $1,920 level as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: July 3 – Gold Price Bounced From Thursday’s Low - Image 1

The gold price is 0.4% lower this morning as it is retracing some of the Friday’s advance. What about the other precious metals? Silver is 0.1% lower, platinum is unchanged and palladium is 0.3% higher. So the main precious metals’ prices are lower this morning.

Friday’s important Core PCE Price Index release has been as expected at +0.3%. Today we will get the ISM Manufacturing 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, July 3

  • 9:45 a.m. U.S. - Final Manufacturing PMI
  • 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
  • All Day, Canada – Bank Holiday

Tuesday, July 4

  • 12:30 a.m. Australia - Cash Rate, RBA Rate Statement
  • 9:45 a.m. China - Caixin Services PMI
  • All Day, U.S. - Bank Holiday

Paul Rejczak
Stock Trading Strategist