Daily Gold News: October 9 – Gold Price Gets Back Above $1,850
Gold is trading higher on Israeli-Palestinian conflict news.
The gold futures contract gained 0.73% on Friday, October 6 as it bounced from new local low of $1,823.50. It was the lowest since early March, but the market rallied after monthly jobs data release. Recently gold kept selling off after economic data releases, strong U.S. dollar.
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 much higher following news about Israeli-Palestinian conflict as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 1.0% higher as it is trading above the $1,860 level. What about the other precious metals? Silver is 0.2% higher platinum is 0.9% higher and palladium is 0.5% lower. So the main precious metals’ prices are higher this morning.
Friday’s Nonfarm Payrolls release has been better than expected at +336,000. Today we won’t get any new important economic data. The markets will keep reacting on Israeli-Palestinian conflict.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Tuesday, October 10
- 6:00 a.m. U.S. - NFIB Small Business Index
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 1:30 p.m. U.S. - FOMC Member Waller Speech
- 3:00 p.m. U.S. - FOMC Member Kashkari Speech
- Tentative, Eurozone - ECB President Lagarde Speech
- All Day - IMF Meetings
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