Daily Gold News: August 24 – Gold Slightly Higher as Stock Markets Rally

The gold futures contract gained just 0.03% on Friday, as it traded within a short-term consolidation following the recent decline below $2,000 price level. Gold reversed lower on August 7 following much better than expected Nonfarm Payrolls release, among other factors. The following upward correction reached a local high of $2,024.60 last Tuesday.

Gold is 0.4% higher this morning, as it is trading along Friday’s daily high. What about the other precious metals? Silver lost 1.53% on Friday and today it is 0.1% lower. Platinum lost 0.09% and today it is 1.5% higher. Palladium lost 0.30% on Friday and today it’s 0.6% higher. So precious metals’ prices are retracing some of their recent declines this morning.

Friday’s U.S. Flash Manufacturing PMI/ Flash Services PMI releases have been better than expected. And global financial markets went risk-on, as stocks extended their rally.

Today we won’t get any important economic data releases. The markets will be waiting for Thursday’s-Friday’s Jackson Hole Symposium’s outcomes.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Monday, August 24

• 9:00 a.m. China – CB Leading Index m/m

Tuesday, August 25

• 2:00 a.m. Eurozone – German Final GDP q/q
• 4:00 a.m. Eurozone – German ifo Business Climate
• 9:00 a.m. U.S. – HPI m/m, S&P/CS Composite-20 HPI y/y
• 10:00 a.m. U.S. – CB Consumer Confidence, New Home Sales, Richmond Manufacturing Index

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For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

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