Silver price reacted to sell-off in gold; today, markets await key jobs data.
The silver futures contract lost 3.75% on Thursday, October 31, as it sold off following a retreat in gold prices amid economic data, stock prices pullback. Recently, silver was moving sideways despite new records in gold price. Last Wednesday, it was the highest since 2012.
On August 8, silver rebounded from a new local low of $26.50; it was the lowest since early May after selling off on the japanese Yen turmoil, stock market’s volatility.
Today, silver is rebounding slightly, as we can see on the daily chart (the chart includes today’s intraday data):
The silver price is 0.6% higher, as it is trading along the $33.00 level. What about the other precious metals? Gold is 0.5% higher, platinum is 0.1% higher and palladium is 0.2% higher. So, the main precious metals’ prices are higher this morning.
Yesterday’s Core PCE Price Index release has been as expected. Today, we will get the important monthly jobs data at 8:30 a.m., and the ISM Manufacturing PMI number at 10:00 a.m.
Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days (EST Timezone).
Friday, November 1
- 8:30 a.m. U.S. - Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
- 9:45 a.m. U.S. - Final Manufacturing PMI
- 10:00 a.m. U.S. - ISM Manufacturing PMI, ISM Manufacturing Prices, Construction Spending m/m
- All Day, U.S. - Wards Total Vehicle Sales
- All Day, Eurozone - French Bank Holiday, Italian Bank Holiday
Monday, November 4
- 10:00 a.m. U.S. - Factory Orders
- 10:30 p.m. Australia - Cash Rate, RBA Monetary Policy Statement, RBA Rate Statement
- All Day, Eurozone - Eurogroup Meetings
Paul Rejczak
Stock Trading Strategist