Daily Gold News: July 31 – Gold’s New Contract Series Is Close to $2,000
Gold price is trading sideways ahead of this week’s data and earnings releases.
The gold futures contract gained 0.76% on Friday, July 28 as it bounced from the Thursday's local low of $1,941.70. The market reacted to economic data releases and stock prices rebound.
On June 29 gold was the lowest since mid-March (the low was at $1,900.60). 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 local low of around $1,813.
Today gold is trading close to $2,000 after a change in the futures contract series as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher this morning as it is trading just below the $2,000 level – there has been a change in the contract series and the previous one is trading 0.1% lower, along the $1,960 level. What about the other precious metals? Silver is 0.2% higher, platinum is unchanged and palladium is also unchanged. So the main precious metals’ prices are slightly higher this morning.
Friday’s Core PCE Price Index release has been as expected at +0.2%. Today we won’t get any new important economic data announcements. The markets will be waiting for tomorrow’s ISM Manufacturing PMI number release, 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 31
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 9:45 a.m. U.S. - Chicago PMI
- 9:45 p.m. China - Caixin Manufacturing PMI
- Tentative, U.S. - Loan Officer Survey
Tuesday, August 1
- 12:30 a.m. Australia - Cash Rate, RBA Rate Statement
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, JOLTS Job Openings, ISM Manufacturing Prices, Construction Spending m/m
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