Daily Gold News: Nov. 30 - Gold Gets Closer to Previous High
Gold price is higher, as the markets await series of economic data releases.
The gold futures contract gained 1.34% on Tuesday, November 29, as it retraced its Monday’s decline of 0.8%. The market went above the $1,750 level again despite a stronger U.S. dollar, stock markets’ uncertainty . Last week on Wednesday the gold price rebounded from the local low of $1,719, and on November 15 it reached medium-term high of $1,791.80. This morning gold is extending the advance, as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.7% higher, as it is trading above the $1,760 level. What about the other precious metals? Silver is 1.8% higher, platinum is 2.0% higher and palladium is 3.2% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s CB Consumer Confidence release has been slightly higher than expected at 100.2. Today we will get the important ADP Non-Farm Employment Change release at 8:15 a.m., the JOLTS Job Openings release at 10:00 a.m., and a speech from the Fed Chief Powell at 1:30 p.m., among others. The markets will be waiting for Friday’s monthly jobs data, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Wednesday, November 30
- 5:00 a.m. Eurozone - CPI Flash Estimate y/y, Core CPI Flash Estimate y/y
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 8:30 a.m. U.S. - Preliminary GDP q/q, Preliminary GDP Price Index q/q, Goods Trade Balance, Preliminary Wholesale Inventories m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - JOLTS Job Openings, Pending Home Sales m/m
- 12:35 p.m. U.S. - FOMC Member Cook Speech
- 1:30 p.m. U.S. - Fed Chair Powell Speaks
- 2:00 p.m. U.S. - Beige Book
Thursday, December 1
- 8:30 a.m. U.S. - Core PCE Price Index m/m, Unemployment Claims, Personal Income m/m, Personal Spending m/m
- 8:30 a.m. Japan - BOJ Governor Kuroda Speech
- 9:30 a.m. U.S. - FOMC Member Bowman Speech
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- 3:00 p.m. U.S. - FOMC Member Barr Speech
- 9:40 p.m. Australia - RBA Governor Lowe Speech
- 9:40 p.m. Eurozone - ECB President Lagarde Speech
Stock Trading Strategist