Gold price extends its sell-off as it trades the lowest since early March.
The gold futures contract lost 1.01% on Monday, October 2 as it further extended the downtrend. The market keeps selling off following economic data releases, strong U.S. dollar. Yesterday gold broke below the $1,850 level and it was the lowest since early March.
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 bouncing from the new local low of around $1,830 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 along the $1,840 level. What about the other precious metals? Silver is 0.7% lower platinum is 0.1% lower and palladium is 0.5% lower. So the main precious metals’ prices are lower again this morning.
Yesterday’s ISM Manufacturing PMI release has been higher than expected at 49.0. Today we will get the important JOLTS Job Openings number at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Tuesday, October 3
- 10:00 a.m. U.S. - JOLTS Job Openings
- All Day, Eurozone – German Bank Holiday
- All Day, China – Bank Holiday
Wednesday, October 4
- 4:15 a.m. Eurozone - ECB President Lagarde Speech
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI, Factory Orders m/m
- 10:25 a.m. U.S. - FOMC Member Bowman Speech
- 10:30 a.m. U.S. - FOMC Member Goolsbee Speech
- 12:00 p.m. Eurozone - ECB President Lagarde Speech
- All Day - OPEC-JMMC Meetings
- All Day, China – Bank Holiday
Paul Rejczak
Stock Trading Strategist