Daily Gold News: Monday, August 31 – Silver Extending Advance, Gold Unchanged

The gold futures contract gained 2.19% on Friday, as it got back to last week’s short-term local high. Thursday’s Fed Chair Powell speech led to an increased intraday volatility, as gold spiked higher before the decline. Gold reversed from its new record high of $2,089.20 on August 7 after much better than expected Nonfarm Payrolls release, among other factors. The following upward correction reached a local high of $2,024.60 on August 18.

Gold is 0.1% higher this morning, as it is trading along Friday’s closing price. What about the other precious metals? Silver gained 2.83% on Friday and today it is 1.6% higher. Platinum gained 1.28% and today it is 0.7 % higher. Palladium gained 1.87% on Friday and today it’s 0.9% higher. So precious metals are gaining this morning.

Friday’s Personal Income, Personal Spending, Chicago PMI and Consumer Sentiment releases have been better than expected.

Today we won’t get any important economic data announcements. The markets will be waiting for Friday’s monthly jobs data release.

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

Monday, August 31

• 9:00 a.m. U.S. – FOMC Member Clarida Speech
• 9:45 p.m. China – Caixin Manufacturing PMI

Tuesday, September 1

• 12:30 a.m. Australia – Cash Rate, RBA Rate Statement
• 3:55 a.m. Eurozone – German Final Manufacturing PMI, German Unemployment Change
• 9:30 a.m. Canada – Manufacturing PMI
• 9:45 a.m. U.S. – Final Manufacturing PMI
• 10:00 a.m. U.S. – ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices
• 9:30 p.m. Australia – GDP q/q

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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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