Daily Gold News: Thursday, September 1 – Gold Price Gets Closer to $1,700

Gold Price Recap

The gold futures contract lost 0.58% on Wednesday, August 31, as it further extended its downtrend following Tuesday’s decline of 0.8%. On Friday it retraced its earlier advances after a speech from the Fed Chair Powell at the Jackson Hole Symposium, and this week it is extending the downtrend. This morning yellow metal is trading closer to the $1,700 price level, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.6% lower this morning, as it is trading close to the mid-July local lows. What about the other precious metals? Silver is 1.8% lower, platinum is 1.5% lower and palladium is 1.6% lower. So the main precious metals’ prices are lower again this morning.

Fundamentals and Economic News Schedule

Yesterday’s ADP Non-Farm Employment Change release has been lower than expected at 132,000, and the Chicago PMI release has been as expected at 52.5. Today we will get the ISM Manufacturing PMI release at 10:00 a.m., among others. Investors will be waiting for tomorrow’s monthly jobs data release.

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

Thursday, September 1

• 8:30 a.m. U.S. – Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q
• 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
• All Day, U.S. – Wards Total Vehicle Sales

Friday, September 2

• 8:30 a.m. U.S. – Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
• 10:00 a.m. U.S. – Factory Orders m/m

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

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