Daily Gold News: September 7 – Gold Price Remains Close to $1,950
Gold continues to trade along $1,950 level; markets await weekly employment data.
The gold futures contract lost 0.43% on Wednesday, September 6 as it retraced more of its last week’s advances The market reacted to strengthening U.S. dollar, economic data. Recently gold 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 along its yesterday’s closing price 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 $1,950 level. What about the other precious metals? Silver is 0.7% lower platinum is 0.9% lower and palladium is 1.8% lower. So the main precious metals’ prices are mixed this morning.
Yesterday’s ISM Services PMI release has been better than expected at 54.5. Today we will get the Unemployment Claims release, among others. There will also be several FOMC Members speeches later in the day.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
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
Friday, September 8
- 8:30 a.m. Canada - Employment Change, Unemployment Rate, Capacity Utilization Rate
- 9:00 a.m. U.S. - FOMC Member Barr Speech
- 10:00 a.m. U.S. - Final Wholesale Inventories m/m
- 9:30 p.m. China - CPI y/y, PPI y/y
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