Daily Gold News: Wednesday, June 3 – Gold Lower After Positive U.S. Data

The gold futures contract lost 0.93% on Tuesday, as it retraced most of Friday’s advance of 1.35%. On Monday the price has reached slightly above $1,760. Yesterday’s daily low was at $1,728 and today it’s getting close to $1,700. Gold is still trading within its medium-term consolidation, as we can see on the daily chart:

Gold is 1.1% lower this morning following better-than-expected U.S. economic data releases. Financial markets remain in risk-on mode, as stocks continue to hover along their medium-term highs. What about the other precious metals? Silver lost 3.01% on Tuesday and today it is 2.2% lower. Platinum lost 3.60% and today is 2.1% lower. Palladium lost 0.29% yesterday and today it is 0.3% higher. So precious metals are trading lower this morning.

The recent economic data releases have been confirming negative coronavirus impact on global economies. Today’s ADP Non-Farm Employment Change has been better than expected. However, it was at -2.8 million. Investors will wait for the important ISM Non-Manufacturing PMI number release today. But markets’ attention will be focusing on Friday’s monthly jobs data release. And tomorrow we will get some quite important European Central Bank’s releases.

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

Wednesday, June 3

  • 8:15 a.m. U.S. – ADP Non-Farm Employment Change
  • 10:00 a.m. U.S. – ISM Non-Manufacturing PMI, Factory Orders m/m
  • 10:00 a.m. Canada – BOC Rate Statement, Overnight Rate
  • All Day, G7 Meetings

Thursday, June 4

  • 7:45 a.m. Eurozone – Main Refinancing Rate, Monetary Policy Statement
  • 8:30 a.m. U.S. – Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Trade Balance
  • 8:30 a.m. Eurozone – ECB Press Conference
  • 8:30 a.m. Canada – Trade Balance

Friday, June 5

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

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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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