Daily Gold News: Monday, July 4 – Gold Remains Close to $1,850 Price Level
Gold Price Recap
The gold futures contract lost 0.32% on Friday, July 1, as it extended its consolidation along the $1,800 price level. On Friday it fell to the new medium-term low of $1,783.40, before bouncing and breaking above the $1,800 level again. The yellow metal’s price reacted to stregthening U.S. dollar, among other factors. This morning it is trading slightly above the $1,800 level, as we can see on the daily chart (the chart includes today’s intraday data):
Precious Metals Price Action
Gold is 0.2% lower this morning, as it is trading within a relatively narrow range due to the long holiday weekend in the U.S. What about the other precious metals? Silver is 0.3% lower, platinum is 0.8% lower and palladium is 0.2% lower. So the main precious metals’ prices are slightly lower this morning.
Fundamentals and Economic News Schedule
Friday’s ISM Manufacturing PMI release has been worse than expected at 53.0, and today we won’t get any new important economic data releases.
The markets will still continue to react to the ongoing Russia-Ukraine war news.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days.
Monday, July 4
- 10:30 a.m. Canada – BOC Business Outlook Survey
- All Day, U.S. – Bank Holiday
Tuesday, July 5
- 12:30 a.m. Australia – Cash Rate, RBA Rate Statement
- 6:00 a.m. U.K. – BOE Governor Bailey Speech
- 10:00 a.m. U.S. – Factory Orders m/m
For a look at all of today’s economic events, check out our economic calendar.
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