The gold futures contract gained 0.58% on Monday, as it retraced some of its Friday's 2% drop from new record high price level of 2,089.20. The market has reversed sharply lower following better-than-expected Nonfarm Payrolls release. Last week gold reached the highest in history following U.S. dollar sell-off, among other factors.
Gold is 2.3% lower this morning, as the market is extending its short-term downtrend following Friday's reversal. What about the other precious metals? Silver gained 6.25% on Monday and today it is 4.0% lower. Platinum gained 3.33% and today it is 3.1% lower. Palladium gained 4.31% on Monday and today it's 2.2% lower. So precious metals are extending their short-term decline this morning.
Yesterday's JOLTS Job Openings release has been better than expected at 5.89 million. And today's German ZEW Economic Sentiment has also been better than expected at 64.0. The markets are going risk-on this morning and that is leading to another sell-off in gold price.
Today we will also get the relatively important U.S. Producer Price Index release at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:
Tuesday, August 11
- 5:00 a.m. Eurozone - ZEW Economic Sentiment, German ZEW Economic Sentiment
- 6:00 a.m. U.S. - NFIB Small Business Index
- 8:30 a.m. U.S. - PPI m/m, Core PPI m/m
Wednesday, August 12
- 8:30 a.m. U.S. - CPI m/m, Core CPI m/m
- 11:00 a.m. U.S. - FOMC Member Kaplan Speech
- 1:01 p.m. U.S. - 10-y Bond Auction
- 2:00 p.m. U.S. - Federal Budget Balance
- 9:30 p.m. Australia - Employment Change, Unemployment Rate
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Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
