Daily Gold News: September 2 – Precious Metals Lower Following Strengthening U.S. Dollar

The gold futures contract gained 0.02% on Tuesday, as it remained close to short-term local highs. The market bounced off following the decline after Thursday’s Fed Chair Powell speech. Gold reversed from its new record high of $2,089.20 on August 7 after much better than expected Nonfarm Payrolls release, among other factors. The following upward correction reached a local high of $2,024.60 on August 18. Since then gold has been fluctuating, as we can see on the daily chart:

Gold is 0.5% lower this morning, as it is retracing some of the recent advance. What about the other precious metals? Silver gained 0.18% on Tuesday and today it is 2.0% lower. Platinum gained 1.58% and today it is 1.5% lower. Palladium gained 1,40% on Tuesday and today it’s 1.2% lower. So precious metals’ prices are going down this morning.

Yesterday‘s U.S. ISM Manufacturing PMI release has been better than expected at 56.0. And the stock market went fully risk-on as indexes reached new record highs. Today we will get the important ADP Non-Farm Employment Change release at 8:15 a.m. Then we will have speeches from FOMC Members and the Beige Book release at 2:00 p.m.

The financial markets will be waiting for Friday’s monthly jobs data release.

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

Wednesday, September 2

• 8:15 a.m. U.S. – ADP Non-Farm Employment Change
• 10:00 a.m. U.S. – FOMC Member Williams Speech, Factory Orders m/m
• 12:00 a.m. U.S. – FOMC Member Mester Speech
• 2:00 p.m. U.S. – Beige Book
• 9:45 p.m. China – Caixin Services PMI

Thursday, September 3

• 8:30 a.m. U.S. – Unemployment Claims, Revised Nonfarm Productivity q/q, Revised Unit Labor Costs q/q, Trade Balance
• 9:45 a.m. U.S. – Final Services PMI
• 10:00 a.m. U.S. – ISM Non-Manufacturing PMI

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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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