Daily Gold News: October 6 – Gold Price Remains Below $1,850
Gold is trading sideways ahead of the important monthly jobs data.
The gold futures contract lost 0.16% on Thursday, October 5 as it slightly extended its downtrend. Recently the market kept selling off after economic data releases, strong U.S. dollar. Yesterday gold went to the new local low of $1,826.20 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 within a short-term consolidation as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.2% higher as it is trading below the $1,840 level again. What about the other precious metals? Silver is 1.0% higher platinum is 0.4% lower and palladium is 0.4% higher. So the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been lower than expected at 207,000. Today we will get the important monthly jobs data release at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Monday, October 9
- 8:00 a.m. U.S. - FOMC Member Barr Speech
- 9:00 a.m. U.S. - FOMC Member Logan Speech
- 8:30 p.m. Australia - NAB Business Confidence
- All Day, U.S. – Bank Holiday
- All Day, Canada – Bank Holiday
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