Daily Gold News: June 7 – Gold Price Dips Ahead of Jobs Data

Gold is retracing its advance after rebounding from the $2,400 level again.

The gold futures contract gained 0.65% on Thursday, June 6, as it broke above the recent trading range and local highs along the $2,375 level. Recently, gold fluctuated after retreating from its May 20 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 retracing its advance, as we can see on the daily chart (the chart includes today’s intraday data):

Daily Gold News: June 7 – Gold Price Dips Ahead of Jobs Data - Image 1

The gold price is 1.6% lower, as it is trading along the $2,350 level again. What about the other precious metals? Silver is 3.0% lower, platinum is 1.9% lower and palladium is 1.8% lower. So, the main precious metals’ prices are lower this morning.

Yesterday’s Unemployment Claims release has been higher than expected at 229,000. Today, we will get the important monthly jobs data release at 8:30 a.m.

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

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

Monday, June 10

  • No important economic data

Paul Rejczak
Stock Trading Strategist