Gold
After surpassing its historic April high of $3,500 per ounce yesterday, Tuesday, gold continues to set new records during mid-European trading today, Wednesday, September 3, for the second consecutive session, at its current level of $3,545 per ounce. Positive momentum continues, supported by expectations of a US interest rate cut at the September 17 meeting, in addition to rising political and economic tensions and anticipation of employment figures at the end of this week. The spot price of the yellow metal is trading up about 0.37% at $3,546 per ounce, while silver is trading at $40.58 per ounce, up 0.05% at $40.87 per ounce, maintaining its highest levels since September 2011.
After a US court ruled that the tariffs imposed by US President Trump were illegal, the Trump administration announced that it would ask the Supreme Court to issue an urgent ruling on the tariffs, which has boosted demand for safe havens. This week, markets are awaiting the US jobs figures, which are released at the end of the week on Friday, as usual, on the first Friday of each month. The August figures follow changes and revisions to the leadership of the Bureau of Labor Statistics in July, following figures Trump described as unrealistic after adding 73,000 jobs in July and downward revisions for May and June. Erika McIntarver was removed from her position as Commissioner of the Bureau of Labor Statistics following this report.
Expectations indicate that the US economy will add 73,000 jobs in August, wages will remain stable, and the unemployment rate will rise by 0.01% to 4.3%. Crude
Crude prices fell by more than 1.5% after stabilizing in the Asian session. A Reuters report, citing several sources, indicated that OPEC+ may move toward an additional production increase at its meeting next Sunday, after OPEC raised its production by 547,000 barrels for September at its last meeting in August. Markets are awaiting inventory figures from the American Petroleum Institute this evening, after they were postponed from Tuesday due to the US Labor Day holiday at the beginning of the week. US crude (NYMEX) fell by about $1.94, trading at $64.32 a barrel, while Brent crude traded at $67.97 a barrel, down about 1.69%.