The gold futures contract gained 0.19% on Monday, as it remained close to short-term highs. The market bounced off following the recent decline after Thursday's Fed Chair Powell speech. Gold reversed from its new record high of $2,089.20 on August 7 after much better than expected Nonfarm Payrolls release, among other factors. The following upward correction reached a local high of $2,024.60 on August 18. Since then gold has been fluctuating, as we can see on the daily chart:
Gold is 1.2% higher this morning, as it is extending the short-term advance. What about the other precious metals? Silver gained 2.89% on Monday and today it is 2.6% higher. Platinum lost 0.22% and today it is 2.7 % higher. Palladium gained 2.14% on Monday and today it's 2.0% higher. So precious metals are gaining again this morning.
Yesterday we didn't get any important economic data announcements. Today there will be U.S. ISM Manufacturing PMI release at 10:00 a.m. The financial markets will be waiting for Friday's monthly jobs data release.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Tuesday, September 1
- 12:30 a.m. Australia - Cash Rate, RBA Rate Statement
- 3:55 a.m. Eurozone - German Final Manufacturing PMI, German Unemployment Change
- 9:30 a.m. Canada - Manufacturing PMI
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices
- 9:30 p.m. Australia - GDP q/q
Wednesday, September 2
- 8:15 a.m. U.S. - ADP Non-Farm Employment Change
- 10:00 a.m. U.S. - FOMC Member Williams Speech, Factory Orders m/m
- 12:00 a.m. U.S. - FOMC Member Mester Speech
- 2:00 p.m. U.S. - Beige Book
- 9:45 p.m. China - Caixin Services PMI
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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
