Daily Gold News: Gold Below $1,850 Again, Silver Moves Lower

The gold futures contract gained 0.74% on Monday, as it got back to the recent local highs following silver price rally. The market gave back almost all of December’s advance in early January. Recently gold retraced some of that sell-off. Today it’s retracing yesterday’s advance, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is 0.9% higher this morning, as it is trading below $1,850 price mark again. What about the other precious metals? Silver gained 9.30% on Monday and today it is 6.1% lower. Platinum gained 5.52% and today it is 2.6% lower. Palladium gained 1.51% and today it’s 0.9% higher. So precious metals are mixed this morning.

Yesterday’s ISM Manufacturing PMI release has been slightly worse than expected at 58.7. Today we won’t get any new important economic data announcements.

The market will now wait for Wednesday’s ADP Non-Farm Employment Change and Friday’s Nonfarm Payrolls releases.

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

Tuesday, February 2

• 8:30 p.m. Australia – RBA Governor Lowe Speech
• 8:45 p.m. China – Caixin Services PMI

Wednesday, February 3

• 8:15 a.m. U.S. – ADP Non-Farm Employment Change
• 9:45 a.m. U.S. – Final Services PMI
• 10:00 a.m. U.S. – ISM Services PMI
• 5:00 p.m. U.S. – FOMC Member Evans Speech

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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