The gold futures contract lost 1.21% on Thursday, as it extended its Wednesday's decline of over 2%. The yellow metal's price remained below $2,000. Gold reversed lower after previous Friday's much better than expected Nonfarm Payrolls release. The following upward correction reached a local high of $2,024.60 on Tuesday. And on Wednesday gold declined to a short-term local low of $1,930.50.
Gold is 0.7% lower this morning, as it is trading along yesterday's daily low. What about the other precious metals? Silver lost 0.71% on Thursday and today it is 1.2% lower. Platinum lost 3.07% and today it is 2.0% lower. Palladium gained 0.36% on Thursday and today it's 0.7% lower. So precious metals' prices are lower this morning following strengthening U.S. dollar.
Yesterday's FOMC Unemployment Claims and Philly Fed Manufacturing Index have been worse than expected. However, financial markets were going risk-on and the U.S. stock market went higher.
Today, we got worse than expected PMI numbers from Europe. We will also get the U.S. Flash Manufacturing PMI/ Flash Services PMI release at 9:45 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:
Friday, August 21
- 3:15 a.m. Eurozone - French Flash Manufacturing PMI, French Flash Services PMI
- 3:30 a.m. Eurozone - German Flash Manufacturing PMI, German Flash Services PMI
- 4:00 a.m. Eurozone - Flash Manufacturing PMI, Flash Services PMI
- 8:30 a.m. Canada - Retail Sales m/m, Core Retail Sales m/m
- 9:45 a.m. U.S. - Flash Manufacturing PMI, Flash Services PMI
- 10:00 a.m. U.S. - Existing Home Sales
Thank you for reading today's quick gold news guide. If you enjoyed it, we invite you to read also our other gold market analyses. This includes our free Fundamental Gold Reports as well as premium Gold & Silver Trading Alerts with clear buy and sell signals and weekly premium Gold Investment Updates. If you're not ready to subscribe to our premium services, a great way to check them out (also the premium services - free for 7 days!), is to sign up for our no-obligation free gold newsletter. We'll only ask to whom (just the first name) and to what e-mail address we should be sending our analyses. Sign up today.
Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
