Daily Gold News: Monday, Oct. 4 – Gold Fluctuates Following Thursday’s Advance

The gold futures contract gained 0.08% on Friday, as it fluctuated following the Thursday’s advance of almost 2%. The market got back above $1,750 price level following a downward correction in U.S. dollar and falling stock prices. This morning gold is trading along its Friday’s daily low, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.7% lower, as it is retracing some of the recent advance. What about the other precious metals? Silver is 1.1% lower, platinum is 2.4% lower and palladium is 1.2% lower. So precious metals’ prices are lower this morning.

Friday’s Core PCE Price Index release has been slightly higher than expected at +0.3% and the ISM Manufacturing PMI has been better than expected at 61.1. The stock market was gaining and gold went sideways. Today we will get the Factory Orders release at 10:00 a.m.

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

Monday, October 4

  • 10:00 a.m. U.S. – Factory Orders
  • 11:30 p.m. Australia – RBA Rate Statement, Cash Rate
  • All Day – OPEC Meetings, OPEC-JMMC Meetings
  • All Day, Eurozone – Eurogroup Meetings
  • All Day, China – Bank Holiday

Tuesday, October 5

  • 8:30 a.m. U.S. – Trade Balance
  • 10:00 a.m. U.S. – ISM Services PMI, IBD/TIPP Economic Optimism
  • 11:00 a.m. Eurozone – ECB President Lagarde Speech
  • 1:15 p.m. U.S. – FOMC Member Quarles Speech
  • Tentative, Japan – BOJ Governor Kuroda Speech
  • All Day, Eurozone – ECOFIN Meetings
  • All Day, China – Bank Holiday

For a look at all of today’s economic events, check out our economic calendar.

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

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