Daily Gold News: Friday, Oct. 8 – Gold Is Slightly Higher Ahead of the Monthly Jobs Data
The gold futures contract lost 0.15% on Thursday, as it continued to trade within a short-term consolidation following the recent advance over the $1,750 price level. The market got back above that level following a downward correction in U.S. dollar and falling stock prices. This morning gold is trading along its previous closing price again, as we can see on the daily chart (the chart includes today’s intraday data):
Today gold is 0.3% higher, as it is trading close to the $1,760 price level. What about the other precious metals? Silver is 0.3% lower, platinum 1.8% higher and palladium is 2.5% higher. So precious metals’ prices are mixed this morning.
Yesterday’s Unemployment Claims release has been better than expected at 326,000. Today we will get the important monthly jobs data release at 8:30 a.m. The Nonfarm Payrolls number is expected at +490,000.
Where would the price of gold go following today’s Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 37-month-long period of time that contains of thirty seven NFP releases. The first chart shows price paths 5 days before and 10 days after the NFP release. The last three cases are marked with dashed lines. Gold lost 2.58% in August and in September it lost 3.81%.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:
Friday, October 8
- 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
- 10:00 a.m. U.S. – Final Wholesale Inventories m/m
For a look at all of today’s economic events, check out our economic calendar.
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