Daily Gold News: Thursday, August 10 – Gold’s Sharp Downward Reversal Following Friday’s U.S. Jobs Data Release

The gold futures contract has reached yet another new record high on Friday at the price level of 2,089.20. However, the market reversed sharply lower following better-than-expected Nonfarm Payrolls release. And it closed 2.00% below Thursday’s closing price, at $2,028.00. Gold price reached the highest in history following U.S. dollar sell-off, among other factors.

Gold is 0.1% lower this morning, as the market is fluctuating following Friday’s downward reversal. What about the other precious metals? Silver lost 3.03% on Friday and today it is 0.1% higher. Platinum lost 4.29% and today it is 0.8% higher. Palladium lost 3.66% on Friday and today it’s also 0.8% higher. So precious metals are trading sideways this morning.

Friday’s Nonfarm Payrolls release has been better than expected at +1.763 million, despite Wednesday’s ADP Non-Farm Employment Change number of only 167,000.

Today we will get the JOLTS Job Openings release at 10:00 a.m. The markets will wait for tomorrow’s Producer Price Index and Wednesday’s Consumer Price Index releases.

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

Monday, August 10

• 10:00 a.m. U.S. – JOLTS Job Openings

Tuesday, August 11

• 5:00 a.m. Eurozone – ZEW Economic Sentiment, German ZEW Economic Sentiment
• 6:00 a.m. U.S. – NFIB Small Business Index
• 8:30 a.m. U.S. – PPI m/m, Core PPI m/m

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

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