Daily Gold Update: Tuesday, October 4 – Gold Price Breaks Above $1,700

Gold Price Recap

The gold futures contract gained 1.79% on Monday, October 3, as it extended its last week’s advance after bouncing from the Wednesday’s new local low of $1,622.20. On Wednesday it was the lowest since Spring of 2020 on strong U.S. dollar, stock markets’ rout. Then gold price has been driven higher by the U.S. dollar reversal, stock markets’ advances. This morning gold is trading above the $1,700 level, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Today, gold is 0.2% higher, as it is trading slightly above the the $1700 level. What about the other precious metals? Silver is 0.6% higher, platinum is 0.9% higher and palladium is 2.5% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s ISM Manufacturing PMI release has been lower than expected at 50.9. Today we will get the JOLTS Job Openings release at 10:00 a.m., among others.

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

Tuesday, October 4

• 9:00 a.m. U.S. – FOMC Member Williams Speech
• 9:15 a.m. U.S. – FOMC Member Mester Speech
• 10:00 a.m. U.S. – JOLTS Job Openings, Factory Orders m/m
• 11:00 a.m. Eurozone – ECB President Lagarde Speech
• 11:45 a.m. U.S. – FOMC Member Jefferson Speech
• All Day, Eurozone – ECOFIN Meetings
• All Day, China – Bank Holiday

Wednesday, October 5

• 8:15 a.m. U.S. – ADP Non-Farm Employment Change
• 8:30 a.m. U.S. – Trade Balance
• 9:45 a.m. U.S. – Final Services PMI
• 10:00 a.m. U.S. – ISM Services PMI
• All Day – OPEC Meetings, OPEC-JMMC Meetings
• All Day, China – Bank Holiday

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

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