Daily Gold News: Friday, September 2 – Gold Price Bounces From the $1,700 Level

Gold Price Recap

The gold futures contract lost 0.98% on Thursday. September 1, as it further extended its short-term downtrend on strengthening U.S. dollar and a sell-off in stocks. Last week on Friday it retraced its earlier advances after a speech from the Fed Chair Powell at the Jackson Hole Symposium. And this morning yellow metal is bouncing from the $1,700 price level, as we can see on the daily chart (the chart includes today’s intraday data):

Precious Metals Price Action

Gold is 0.5% higher this morning, as it is trading above the $1,700 price level. What about the other precious metals? Silver is 0.6% higher, platinum is 0.9% higher and palladium is 1.6% higher. So the main precious metals’ prices are higher this morning.

Fundamentals and Economic News Schedule

Yesterday’s ISM Manufacturing PMI release has been higher than expected at 52.8 and the Unemployment Claims has been lower than expected at 232,000. Today we will get the important Non-Farm Employment Change along with the Unemployment Rate and Average Hourly Earnings releases at 8:30 a.m.

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

Friday, September 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, September 5

• All Day – OPEC-JMMC Meetings
• All Day, U.S. – Bank Holiday
• All Day, Canada – Bank Holiday

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

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