Daily Market Report 9/2/16

GOLD

This morning’s weaker than expected U.S. Jobs report, showing an increase of only 151,000 jobs in August, was bullish for precious metals. This report strengthens the argument of those who say there will not be an interest rate hike anytime soon. After reaching a 2-month low of $1,302 on Thursday, Gold rallied this morning after the U.S. Jobs report. Gold reached a high today of $1,330 before seeing some light short term profit taking. At 11am PDT today, Gold is trading at $1,322, up $9 per ounce on light volume.

SILVER

Silver finally moved back above the $19 per ounce level this morning on the U.S. Jobs news. Silver reached a high today of $19.35 before seeing some light professional selling. At 11am PDT today, Silver is up $0.45 per ounce, trading at $19.27 on low holiday weekend volume.