Gold price keeps extending a consolidation; investors eying jobs data today.
The gold futures contract lost 0.06% on Thursday, May 2, as it continued to fluctuate following its Tuesday’s decline of over 2%. The market didn’t react much to the Wednesday’s FOMC Rate Decision and Thursday’s economic data.
Recently, gold was selling off from a new record high of $2,448.80 reached on April 12. On previous Friday, the yellow metal reached a local high of around $2,433 in a reaction stock market’s sell-off amid Middle East tensions, strong USD.
On February 14, gold was the lowest since mid-December, after breaking below local lows from January on the consumer inflation release. Since then, it gained over $400.
This morning gold is trading slightly lower, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% lower, as it is trading above the $2,300 level. What about the other precious metals? Silver is 0.4% lower, platinum is 1.3% higher and palladium is 0.3% lower. So, the main precious metals’ prices are lower this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 208,000. Today, we will get the important monthly jobs report at 8:30 a.m., and the ISM Services PMI number 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).
Friday, May 3
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
- 7:45 p.m. U.S. - FOMC Member Williams Speech
Monday, May 6
- 12:50 p.m. U.S. - FOMC Member Barkin Speech
- 1:00 p.m. U.S. - FOMC Member Williams Speech
- Tentative, U.S. - Loan Officer Survey
- All Day, U.K. - Bank Holiday
Paul Rejczak
Stock Trading Strategist