Daily Gold News: November 3 - Gold Continues to Trade Along $2,000
Gold price is going sideways ahead of the important monthly jobs data.
The gold futures contract gained 0.30% on Thursday, November 2 as it extended a consolidation along the $2,000 level. On Tuesday gold reached local low of $1,982.80 and yesterday it traded as high as $1999.20. Recently it rallied on increasing global geopolitcal risks, interest rates fears, among other factors. On Friday the daily high was at $2,019.00 and last Tuesday the yellow metal fell briefly below $1,970.
On October 6 gold reached new local low of $1,823.50. It was the lowest since early March, but the market bounced after monthly jobs data release, among other factors. Earlier gold kept selling off on economic data releases, strong U.S. dollar. On Friday gold was the highest since late July.
In late August gold price was rallying amidst reduced pressure for the further monetary policy tightening and on Septemeber 1 it reached a local high of $1,980. In May gold retreated from 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 a local low of around $1,813.
Today gold is trading sideways again as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% higher as it is trading above the $1,990 level. What about the other precious metals? Silver is 0.5% lower platinum is 0.3% higher and palladium is 0.6% higher. So the main precious metals’ prices are mixed this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 217,000. Today we will get the important monthly jobs data at 8:30 a.m., including Nonfarm Payrolls, Unemployment Rate numbers. We will also get the important ISM Services PMI release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, November 3
- 8:00 a.m. U.S. - FOMC Member Barr Speech
- 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
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
Monday, November 6
- 10:30 p.m. Australia - Cash Rate, RBA Rate Statement
- Tentative, U.S. - Loan Officer Survey
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