Daily Gold News: September 6 – Gold Is at $1,950 Again
Gold price trades sideways following yesterday’s retreat.
The gold futures contract lost 0.74% on Tuesday, September 5 as it retraced some its last week’s advances due to strengthening U.S. dollar, among other factors. Recently the market was rallying amidst reduced pressure for the further monetary policy tightening. On Thursday it was as high as $1,977. On July 31 gold’s December futures contract reached a local high of $2,010.90 and last week on Monday it was the lowest since early July.
On June 29 gold was the lowest since mid-March (the low was at $1,900.60). In May gold retreated from new 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 as we can see on the daily chart (the chart includes today’s intraday data):
The gold price is 0.1% lower as it is trading along the $1,950 level. What about the other precious metals? Silver is 0.3% lower platinum is 1.3% lower and palladium is 1.4% lower. So the main precious metals’ prices are slightly lower this morning.
Yesterday’s Factory Orders release has been higher than expected at -2.1% m/m. Today we will get the important ISM Services PMI release at 10:00 a.m., among others.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Wednesday, September 6
- 8:30 a.m. U.S. - Trade Balance
- 9:15 a.m. U.K. - Monetary Policy Report Hearings
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
- 10:00 a.m. Canada - BOC Rate Statement, Overnight Rate
- 2:00 p.m. U.S. - Beige Book
- 3:00 p.m. U.S. - FOMC Member Logan Speech
- 9:30 p.m. Australia - Trade Balance
- 11:10 p.m. Australia - RBA Governor Lowe Speech
Thursday, September 7
- 8:30 a.m. U.S. - Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
- 10:00 a.m. U.S. - FOMC Member Harker Speech
- 10:00 a.m. Canada - Ivey PMI
- 11:45 a.m. U.S. - FOMC Member Goolsbee Speech
- 1:55 p.m. Canada - BOC Governor Macklem Speech
- 3:30 p.m. U.S. - FOMC Member Williams Speech
- 4:55 p.m. U.S. - FOMC Member Bowman Speech
- 7:05 p.m. U.S. - FOMC Member Logan Speech
Stock Trading Strategist