Daily Gold Update: Monday, October 10 – Gold Trades Below $1,700 Again

Gold Price Recap

The gold futures contract lost 0.67% on Friday, October 7, as it retraced some of the recent advances following better-than-expected monhtly jobs data release. On September 28 it bounced from the new medium-term low of $1,622.20. It was the lowest since Spring of 2020 on strong U.S. dollar, stock markets’ rout. Then gold price has been driven higher by the U.S. dollar reversal, stock markets’ advances. Last Tuesday’s daily high was at $1,738.70. This morning gold is extending a short-term downtrend on news about the Ukraine-Russia war escalation, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Today, gold is 0.9% lower, as it is trading below the $1700 level again. What about the other precious metals? Silver is 1.2% lower, platinum is 1.1% lower and palladium is 0.7% higher. So the main precious metals’ prices are lower this morning.

Fundamentals and Economic News Schedule

Friday’s Nonfarm Payrolls release has been higher than expected at 263,000, and the Unemployment Rate release has been lower than expected at 3.5%. Today we will likely see a lower volatility amid the U.S. holiday.

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

Monday, October 10

• 1:00 p.m. U.S. – FOMC Member Brainard Speech
• All Day, U.S. – Bank Holiday
• All Day, Canada – Bank Holiday

Tuesday, October 11

• 6:00 a.m. U.S. – NFIB Small Business Index
• 12:00 p.m. U.S. – FOMC Member Mester Speech
• 2:35 p.m. U.K. – BOE Governor Bailey Speech
• Tentative, U.S. – IBD/TIPP Economic Optimism
• All Day – IMF Meetings

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

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