The gold futures contract reached another new record high of $1,987.30 on Thursday, as it slightly extended its recent advance again. The market gained 0.69%, but the closing price was $20 below the daily high. Gold reached the highest in history following U.S. dollar sell-off, among other factors.
Gold is 0.9% higher this morning as it is trading along the new record high. What about the other precious metals? Silver lost 3.94% on Thursday and today it is 2.1% higher. Platinum lost 4.79% and today it is 0.3% lower. Palladium lost 5.59% on Thursday and today it's 1.0% lower. So precious metals are mixed this morning.
Yesterday's U.S. Advance GDP number has been slightly better than expected. However, the economy contracted by a stunning 32.9% in the second quarter. The Unemployment Claims number surpassed 1.4 million again.
Today we will get Personal Income/ Personal Spending release at 8:30 a.m. The Chicago PMI will be released at 9:45 a.m. and at 10:00 a.m. we will get the revised Michigan Sentiment number.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:
Friday, July 31
- 8:30 a.m. U.S. - Personal Spending m/m, Personal Income m/m, Core PCE Price Index m/m, Employment Cost Index q/q
- 8:30 a.m. Canada - GDP m/m, IPPI m/m, RMPI m/m
- 9:45 a.m. U.S. - Chicago PMI
- 10:00 a.m. U.S. - Revised UoM Consumer Sentiment
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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
