Daily Gold News: Tuesday, Aug. 31 – Gold Going Sideways Despite Rallying Stock Market

The gold futures contract lost 0.40% on Monday, as it fluctuated following its Friday’s run-up of 1.4%. Recently, the market broke above the recent local high of around $1,812 following a dovish speech from the Fed Chair Jerome Powell at the Jackson Hole Symposium. On Wednesday and Thursday the market retreated below $1,800 level again, but it was just a short-term weakness. This morning the yellow metal is trading along yesterday’s daily low, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.1% higher, as it is still trading above the $1,820 price level. What about the other precious metals? Silver is 0.2% higher, platinum is 0.2% lower and palladium is 0.4% lower. So precious metals’ prices are mixed this morning.

Yesterday’s Pending Home Sales release has been at -1.8% vs. the expectations of +0.5%. Today we will get the CB Consumer Confidence release at 10:00 a.m., among others. The markets will be waiting for Friday’s monthly jobs data announcement.

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

Tuesday, August 31

• 8:30 a.m. Canada – GDP m/m
• 9:00 a.m. U.S. – HPI m/m, S&P/CS Composite-20 HPI y/y
• 9:45 a.m. U.S. – Chicago PMI
• 10:00 a.m. U.S. – CB Consumer Confidence
• 9:30 p.m. Australia – GDP q/q
• 9:45 p.m. China – Caixin Manufacturing PMI

Wednesday, September 1

• 3:55 a.m. Eurozone – German Final Manufacturing PMI
• 8:15 a.m. U.S. – ADP Non-Farm Employment Change
• 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
• 12:00 p.m. U.S. – FOMC Member Bostic Speech
• All Day – OPEC Meetings, OPEC-JMMC Meetings

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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