The gold futures contract lost 2.13% on Wednesday, as it retraced this week's advance. The yellow metal's price came back 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.
Gold is 0.4% higher this morning, as it is retracing some of yesterday's decline. What about the other precious metals? Silver lost 2.62% on Wednesday and today it is 1.6% higher. Platinum lost 1.96% and today it is unchanged. Palladium lost 2.21% on Wednesday and today it's 1.2% higher. So precious metals are retracing some of their yesterday's declines this morning.
Yesterday's FOMC Meeting Minutes release led to precious metals, stock market's sell-off, as investors feared inflation risk is increasing. Today we will get the Unemployment Claims, Philly Fed Manufacturing Index and CB Leading Index releases.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Thursday, August 20
- 8:30 a.m. U.S. - Unemployment Claims, Philly Fed Manufacturing Index
- 8:30 a.m. Canada - ADP Non-Farm Employment Change
- 10:00 a.m. U.S. - CB Leading Index m/m
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
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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
