Daily Gold News: Gold Gaining Ahead of U.S. Presidential Election

The gold futures contract gained 0.64% on Friday, as it retraced some of its recent declines after bouncing from $1,860 price level. Gold continues to fluctuate following September’s decline off August 7 record high at $2,089.20 to around $1,850. The yellow metal has been bouncing from the support level marked by mid-August local low of around $1,875, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is 0.6% higher this morning, as it is extending Friday’s advance. What about the other precious metals? Silver gained 1.22% on Friday and today it is 1.6% higher. Platinum lost 0.13% and today it is 1.2% higher. Palladium gained 0.85% on Friday and today it’s 0.3% lower. So precious metals’ prices are generally higher this morning .

Friday’s Personal Income/ Personal Spending releases have been better than expected at +0.9%/ +1.4%. The Chicago PMI and Consumer Sentiment releases have also been better than expected. Today we will get the relatively important ISM Manufacturing PMI number release at 10:00 a.m. This week, the markets will await tomorrow’s U.S. Presidential Election’s outcome, Thursday’s FOMC Statement release and Friday’s monthly jobs data .

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Monday, November 2

• 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
• 10:30 p.m. Australia – Cash Rate, RBA Rate Statement
• All Day, Japan – Bank Holiday

Tuesday, November 3

• 10:00 a.m. U.S. – Factory Orders m/m, IBD/TIPP Economic Optimism
• 8:45 p.m. China – Caixin Services PMI
• All Day, U.S. – Presidential Election

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

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