Silver price keeps trading along $29 as markets await jobs data.
The silver futures contract lost 1.59% on Thursday, August 1, as it remained relatively weaker than record-breaking gold, following stock markets’ weakness, economic data. Recently, silver has been reaching the $29 level, retracing some of its late July declines. Last Thursday, silver lost 4.6%, accelerating its sell-off amid a rout in gold prices, reaching a daily low at $27.56. In early July, it was rebounding from the $32 level despite a rally in gold prices.
In May and June, silver was gradually declining from the May 20 new medium-term high of $32.75, and in late June, it was briefly below $29, before rebounding closer to $32 again.
Today, silver is retracing yesterday’s decline, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 2.1% higher, as it is trading near the $29 level again. What about the other precious metals? Gold is 1.0% higher, platinum is 0.8% higher and palladium is 0.7% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Unemployment Claims release has been higher than expected at 249,000, and the ISM Manufacturing PMI release has been lower than expected at 46.8. Today, we will get the important monthly jobs data at 8:30 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, August 2
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 10:00 a.m. U.S. - Factory Orders m/m
Monday, August 5
- 9:45 a.m. U.S. - Final Services PMI
- 10:00 a.m. U.S. - ISM Services PMI
- 2:00 p.m. U.S. - Loan Officer Survey
- 5:00 p.m. U.S. - FOMC Member Daly Speech
- All Day, Canada – Bank Holiday
Paul Rejczak
Stock Trading Strategist