Daily Gold News: October 5 – Gold Trading Sideways
Gold extends its short-term consolidation as markets await tomorrow’s jobs data.
The gold futures contract lost 0.36% on Wednesday, October 4 as it fluctuated following the recent declines. The market kept selling off after economic data releases, strong U.S. dollar. On Tuesday gold went close to the $1,830 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 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 below the $1,840 level. What about the other precious metals? Silver is 0.5% higher platinum is 0.5% lower and palladium is 0.7% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s important ADP Non-Farm Employment Change release has been lower than expected at +89,000. Today we will get the Unemployment Claims number, among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Thursday, October 5
- 7:30 a.m. U.S. - Challenger Job Cuts y/y
- 8:30 a.m. U.S. - Unemployment Claims, Trade Balance
- 10:00 a.m. Canada - Ivey PMI
- 12:15 a.m. U.S. - FOMC Member Barr Speech
- All Day, China – Bank Holiday
Friday, October 6
- 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
- 12:00 p.m. U.S. - FOMC Member Waller Speech
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