Gold Daily News: Thursday, February 6

The yellow metal was gaining despite stock market’s rally following better-than-expected economic data releases. The sentiment towards risk-on assets much improved, as corona virus fears eased a bit.

Gold is currently gaining 0.6%, as it is retracing more of the mentioned Tuesday’s decline. It is the highest since Tuesday’s early morning. What about the other precious metals? Silver gained 0.23% yesterday, as it continued to fluctuate following Monday’s sell-off. It is gaining 1.0% this morning. Platinum gained 2.2% on Wednesday, but it remained within a short-term consolidation following recent declines. It is down 0.7% at this moment. Palladium lost 0.4% yesterday, after getting back to $2,400 mark. The market fell by over 4% from its intraday high. This morning, it is down another 1.3%.

The financial markets are still looking at China virus crisis developments. However, the sentiment much improved following the record-breaking U.S. stock market’s rally. The markets will wait for today’s economic data releases: Preliminary Nonfarm Productivity, Preliminary Unit Labor Costs, Unemployment Claims. Investors will surely await tomorrow’s Nonfarm Payrolls release. Where would the price of gold go following the NFP news? Take a look at our Monday’s Market News Report to find some clue.

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Thank you.

Paul Rejczak
Stock Trading Strategist
Sunshine Profits – Effective Investments through Diligence and Care

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