The international gold price looks at US$1843 in the market outlook
On September 3, the international gold price maintained its upward trend, and the market outlook looked at US$1843. However, the intraday gains were limited, as the US dollar index stabilized after refreshing the low of 92.151 since August 5. Investors are waiting for U.S. non-agricultural employment data to study and judge the Fed’s plan to reduce asset purchases.

On Friday (September 3), the international gold price maintained its upward trend, and the market outlook looked at US$1843. However, the intraday gains were limited, as the US dollar index stabilized after refreshing the low of 92.151 since August 5. Investors are waiting for U.S. non-agricultural employment data to study and judge the Fed’s plan to reduce asset purchases.
At GMT+8 13:36, spot gold rose by 0.08% to US$1811.37 per ounce; the main COMEX gold contract rose by 0.08% to US$1813.0 per ounce; the US dollar index fell by 0.02% to 92.201.
The number of initial jobless claims in the United States fell last week, and the number of layoffs in August fell to the lowest level in more than 24 years. This shows that despite the surge in the number of people infected with the new crown, the labor market is still moving forward.
The US Department of Labor will release the August non-agricultural employment report at 20:30 GMT+8. The market expects an increase of 748,000 jobs that month. Whether the employment recovery is strong determines when the Fed will begin to cut back on its ultra-accommodative stimulus measures.
SPDR Gold Trust, the world's largest listed gold trading fund, said its holdings fell 0.2% to 998.52 tons on Thursday (September 2), the lowest level since April 2020.
On the hourly chart, the price of gold may start an upward wave iii from US$1,805, with the 61.8% target and 100% target at US$1828 and US$1843, respectively. Wave iii is a sub-wave of the upward (iii) wave that started from 1785 USD. The 38.2% and 61.8% targets of wave (iii) are at 1835 and 1865 USD respectively. The (iii) wave is a sub-wave of the upward wave ((i)) that started from $1680.
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