Daily Gold News: Gold Lower Following Covid-19 Vaccine News

The gold futures contract gained 0.25% on Friday, as it extended its short-term advance following a rebound from local low of around $1,850. The markets continued to react on U.S. Presidential Election uncertainty but today we can see euphoria rally after Covid-19 vaccine news release. Gold got back to around $1,950 price level last week, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is 2.4% lower this morning, as it is retracing its last week’s advance following the mentioned news about coronavirus vaccine. What about the other precious metals? Silver gained 1.87% on Friday and today it is 2.7% lower. Platinum lost 0.06% and today it is 2.1% lower. Palladium gained 4.88% on Friday and today it’s 1.8% lower. So precious metals are retracing their last week’s advance this morning .

Friday’s Nonfarm Payrolls number release has been slightly better than expected at +83,600. Today we won’t get any important economic data releases. However, there will be some Fed talk.

Let’s focus on last Tuesday’s U.S. Presidential Election . Where would the price of gold go following the event? We’ve compiled the data since 1992, a 28-year-long period of time that contains of seven U.S. Presidential Elections. The chart shows price paths 5 days before and 10 days after the election day. Gold gained the most in 2004 and lost the most in 2016. On average, it was around 0.5% lower 10 days after.

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

Monday, November 9

• 4:25 a.m. Eurozone – ECB President Lagarde Speech
• 1:30 p.m. U.S. – FOMC Member Mester Speech

Tuesday, November 10

• 5:00 a.m. Eurozone – German ZEW Economic Sentiment
• 6:00 a.m. U.S. – NFIB Small Business Index
• 10:00 a.m. U.S. – JOLTS Job Openings
• 12:00 p.m. U.S. – FOMC Member Kaplan Speech
• 2:00 p.m. U.S. – FOMC Member Quarles Speech
• 5:00 p.m. U.S. – FOMC Member Brainard Speech

 

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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