Daily Gold News: November 6 – Gold Price Trading Sideways
Gold remains close to $2,000 level despite Friday’s volatility and weakining USD.
The gold futures contract gained 0.29% on Friday, November 3 as it continued to fluctaute along $2,000 level following lower than expected Nonfarm Payrolls number release. Last week on Tuesday gold reached local low of $1,982.80 and on Friday it traded as high as $2,012. Recently it rallied on increasing global geopolitcal risks, interest rates fears, among other factors.
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 further extending its consolidation as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.3% lower as it is trading above the $1,990 level again. What about the other precious metals? Silver is 0.1% higher, platinum is 0.1% lower and palladium is 0.5% higher. So the main precious metals’ prices are mixed this morning.
Friday’s Nonfarm Payrolls release has been slightly lower than expected at +150,000. Today we won’t get any new important economic data.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Monday, November 6
- 10:30 p.m. Australia - Cash Rate, RBA Rate Statement
- Tentative, U.S. - Loan Officer Survey
Tuesday, November 7
- 9:15 a.m. U.S. - FOMC Member Barr Speech
- 10:00 a.m. U.S. - FOMC Member Waller Speech
- 1:25 p.m. U.S. - FOMC Member Logan Speech
- 3:00 p.m. U.S. - Consumer Credit m/m
- Tentative, U.S. - IBD/TIPP Economic Optimism
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