Daily Gold News: Thursday, August 5 – Still No Clear DirectionToday gold is 0.1% higher, as it continues to trade above $1,800 mark. What about the other precious metals?
The gold futures contract gained 0.02% on Wednesday, as it extended a short-term consolidation. On Thursday, the market broke slightly above its July 15 high of $1,835 and it gained 2%. Then on Friday it has lost around 1%. Precious metals’ prices followed weakening U.S. dollar. Yesterday gold has reached $1,835 price level again before getting back lower. And this morning gold is trading along Wednesday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):
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Today gold is 0.1% higher, as it continues to trade above $1,800 mark. What about the other precious metals? Silver is 0.3% higher, platinum is 0.7% lower and palladium is 0.3% higher. So precious metals’ prices are mixed this morning.
Yesterday’s ADP Non-Farm Employment Change release has been worse than expected at only +330,000, and the ISM Services PMI release has been better than expected at 64.1. Today we will get Unemployment Claims, Trade Balance releases, among others.
The markets are waiting for the tomorrow’s monthly jobs data release.
Where would the price of gold go following Friday’s Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 35-month-long period of time that contains of thirty five 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 gained 1.45% in July and in June it lost 6.50%.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Thursday, August 5
- 7:00 a.m. U.K. – BOE Monetary Policy Report, Monetary Policy Summary, Official Bank Rate
- 7:30 a.m. U.S. – Challenger Job Cuts y/y
- 8:30 a.m. U.S. – Unemployment Claims, Trade Balance
- 10:00 a.m. U.S. – FOMC Member Waller Speech
- 7:00 p.m. Australia – RBA Governor Lowe Speech
- 9:30 p.m. Australia – RBA Monetary Policy Statement
Friday, August 6
- 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
- 3:00 p.m. U.S. – Consumer Credit m/m
For a look at all of today’s economic events, check out our economic calendar.
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