The gold futures contract has further extended its long-term uptrend on Monday. The market reached new record high at the level of $2,009.50, before closing virtually unchanged (+0.02%). Gold price is the highest in history following U.S. dollar sell-off, among other factors.
Gold is unchanged this morning as it is trading within a short-term consolidation. What about the other precious metals? Silver gained 0.83% on Monday and today it is unchanged. Platinum gained 1.33% and today it is 1.2% higher. Palladium lost 0.27% on Monday and today it’s 1.1% higher. The gold price remains within a week-long consolidation along $1,950-2,000.
Yesterday’s ISM Manufacturing PMI release has been slightly better than expected at 54.2. The ISM Manufacturing PMI got back above the neutral level of 50 following steep declines in May and June.
The markets will now wait for the important monthly jobs data release on Friday. On Wednesday we will get the ADP Non-Farm Employment Change, among others. And today the Factory Orders number will be released at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Tuesday, August 4
- 00:30 a.m. Australia – Cash Rate, RBA Rate Statement
- 10:00 a.m. U.S. – Factory Orders m/m, IBD/TIPP Economic Optimism
- 9:45 p.m. China – Caixin Services PMI
Wednesday, August 5
- 8:00 a.m. Japan – BOJ Governor Kuroda Speech
- 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 Non-Manufacturing PMI
- 5:00 p.m. U.S. – FOMC Member Mester Speech
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For a look at all of today’s economic events, check out our economic calendar.
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