The gold futures contract extended its uptrend yesterday before closing 0.60% lower. The gold price has reached new medium-term high of $1,742.60 as it was the highest since November of 2012 following breaking above $1,700 mark. However, the daily close fell below $1,700 and yellow metal's price remained close to previous local highs. Mounting pandemic fears are supporting the demand side and gold is still acting as a safe haven asset.
Gold is 0.3% lower this morning, as it is fluctuates following Monday's-Tuesday's rallies. What about the other precious metals? Silver gained 2.05% yesterday and today it is 0.9% higher. Platinum gained 1.78% yesterday and today it is up 1.0%. Palladium gained 0.84% on Tuesday and today it is 1.3% higher.
Last week's Friday's U.S. Nonfarm Payrolls along with the Unemployment Rate releases have been worse than expected. However, it wasn't that surprising after the recent Unemployment Claims numbers. And we may see more bad economic data releases in the near future, as they will be revealing coronavirus damage to the economy. Today we'll have a speech from the Bank of Japan Governor Kuroda at 8:30 p.m. Take a look at our Monday's Market News Report to find out about this week's economic news releases.
Thank you.
Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care
