Daily Gold News: June 6 – Gold Trading Along $2,375

Gold price retreats from around $2,400 as markets await the ECB Rate Decsision.

The gold futures contract gained 1.20% on Wednesday, June 5, as it bounced from the $2,350 level, remaining within a short-term consolidation. Recently, gold fluctuated following the recent retreat. In the previous week, gold broke below $2,400 and it was trading near $2,325. The market reacted to a stronger U.S. dollar and stock market pulling back. On Monday, May 20, gold reached a new record high of $2,454.20.

In mid-February, gold was the lowest since mid-December, after breaking below local lows from January on consumer inflation release. Since then, it gained over $450.

This morning, gold is retreating after getting closer to the $2,400 level, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: June 6 – Gold Trading Along $2,375 - Image 1

The gold price is 0.2% higher, as it is trading along the $2,380 level. What about the other precious metals? Silver is 1.1% higher, platinum is 0.3% higher and palladium is 0.2% higher. So, the main precious metals’ prices are higher this morning.

Yesterday’s ADP Non-Farm Employment Change release has been lower than expected at +152,000. Today, we will get the monetary policy update from the European Central Bank at 8:15 a.m., and the Unemployment Claims release at 8:20 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).

Thursday, June 6

  • 8:15 a.m. Eurozone - Main Refinancing Rate, Monetary Policy Statement
  • 8:30 a.m. U.S. - Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Trade Balance
  • 8:45 a.m. Eurozone - ECB Press Conference

Friday, June 7

  • 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. - Final Wholesale Inventories m/m

Paul Rejczak
Stock Trading Strategist