Key Facts
- Gold proxy advanced the gold-tracking price settled at US$4,385 an ounce, a gain of 1.39% on Wednesday, September 2, 2026.
- Silver proxy outperformed the silver-tracking price settled at US$65.36 an ounce, up 1.92% on the same session.
- Labour market data supported ADP reported only 38,000 US private-sector jobs were created in August, complicating the Federal Reserve’s path ahead of its September 15-16 meeting.
- Dutch central bank moved bullion the Netherlands moved 86 tonnes of gold from the US and Canada to the UK, citing geopolitical unrest.
- Mexico is top silver miner Mexico remains the world’s largest silver producer, with 6,300 metric tons of mine output in 2024.
- Peru is third-largest miner Peru produced 3,100 metric tons of silver in 2024, a decline from 3,200 metric tons in 2023.
Today’s Focus
Gold and silver both rose on Wednesday, September 2, 2026, as a weaker dollar and falling real yields made non-yielding metals more attractive. The gold-tracking proxy settled at US$4,385 an ounce, up 1.39%.
Silver outpaced gold, with the silver-tracking proxy settling at US$65.36 an ounce, a gain of 1.92%. Traders focused on whether silver could hold above the US$65.25 threshold, which it did.
The main catalyst was a weak US labour market reading. ADP said only 38,000 private-sector jobs were added in August, far below expectations, which tempered expectations of how much further the Federal Reserve will tighten on September 15-16.
For Latin America, higher silver prices directly benefit Mexico, the world’s top producer, and Peru, the third-largest. Both countries face supply constraints from declining ore grades.
What matters today. The rally was driven by a softer dollar, falling real yields and safe-haven demand, which should support the currencies and mining shares of Mexico and Peru.
01 The session in one read
Gold and silver rose on Wednesday, September 2, 2026, as investors positioned for slower US growth and lower borrowing costs. The gold-tracking proxy settled at US$4,385 an ounce, up 1.39%.
Silver outpaced gold, with the silver-tracking proxy settling at US$65.36 an ounce, a gain of 1.92%. The move pushed silver above the psychologically important US$65 level, where derivative contracts had been clustered.
The combination of weak US jobs data, a softer dollar, and geopolitical nervousness after the Dutch central bank’s gold transfer creates a supportive backdrop for both metals. The variables to watch are Friday’s US non-farm payrolls report and whether silver can hold above US$65 an ounce.
02 The board
The board shows the gold proxy at US$4,385 an ounce, a rise of 1.39% on the session. The silver proxy sits at US$65.36 an ounce, up 1.92%.
The dollar weakened and real yields, which strip out inflation, fell. That is a classic recipe for higher precious metals, since gold and silver pay no interest and become more competitive when yields drop.
| Asset | Level | Change |
|---|---|---|
| Gold | US$4,385/oz | +1.39% |
| Silver | US$65.36/oz | +1.92% |
Source: RT close, 2026-09-02. Where a commodity has no spot feed, an exchange-traded tracker or leading producer is shown as a labelled proxy.
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Latin America — Cross-Market Board
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 185,205.09 | +3.05% | +21.85% | 179,722.48 | 168,310 | 167,142 | — |
| IPSA | 11,315.26 | -1.14% | — | 11,445.90 | 11,210 | 10,984 | 1,513,213,483 |
| IPC MEX | 64,833.08 | +0.49% | +12.17% | 64,514.25 | 66,121 | 65,405 | 108,886,187 |
| MERVAL | 3,106,216 | +1.86% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| COLCAP | 2,489.31 | +0.77% | — | 9.04 | 9.05 | 9.02 | 4,133 |
| BVL PERÚ | 59,515.48 | +0.34% | — | — | — | — | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| EUR/BRL | 5.95 | +1.01% | -5.83% | 5.89 | 5.98 | 5.94 | — |
| USD/MXN | 17.06 | -0.24% | -8.58% | 17.10 | 17.08 | 17.01 | — |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| USD/COP | 3,140 | +0.03% | -22.04% | 3,139 | 3,141 | 3,105 | — |
| USD/PEN | 3.36 | -0.66% | -4.82% | 3.38 | 3.38 | 3.35 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| USD/UYU | 40.27 | +1.24% | +1.80% | 39.77 | 40.27 | 40.23 | — |
| USD/PYG | 5,939 | +1.68% | -19.54% | 5,841 | 5,939 | 5,925 | — |
| USD/BOB | 11.64 | -0.76% | +72.04% | 11.73 | 11.72 | 11.64 | — |
| USD/DOP | 58.34 | +1.25% | -3.44% | 57.62 | 58.34 | 58.04 | — |
| USD/CRC | 445.92 | +0.89% | -9.71% | 441.97 | 448.50 | 445.92 | — |
03 What moved it
ADP reported that only 38,000 private-sector jobs were created in August, far below what economists expected. That weak number fed doubts about how much further the Federal Reserve will tighten: futures still price roughly a 70 percent chance of a quarter-point hike on September 15-16, but the dollar softened and real yields eased, which lowers the opportunity cost of holding gold and silver.
Safe-haven demand also played a role. The Dutch central bank confirmed it moved 86 tonnes of gold from the US and Canada to the UK, explicitly citing geopolitical unrest. Such moves remind investors that central banks themselves treat gold as a reserve asset of last resort.
04 The Latin American read
Mexico is the world’s largest silver producer, with 6,300 metric tons of mine output in 2024, nearly double second-place China. Higher silver prices therefore directly improve the revenue of Mexican miners and the country’s export earnings.
Peru, the third-largest producer, mined 3,100 metric tons in 2024, down from 3,200 metric tons in 2023. North American silver production hit decade-low levels in 2025, largely because of ore-grade declines in Mexico, a supply squeeze that amplifies the price response to any demand uptick.
05 The names to watch
Investors in Latin American mining names should watch how the silver move affects Mexican miners such as Fresnillo and Peñoles, which report in US dollars but operate with peso costs.
In Peru, companies like Buenaventura and Hochschild Mining have leverage to silver and gold prices. The positive price action on Wednesday should feed into their margins if the move holds.
06 The outlook
The market will now watch Friday’s US non-farm payrolls report, which could confirm or contradict ADP’s weak signal. If the labour market continues to struggle, a softer dollar should keep gold and silver bid, with silver remaining the higher-beta play for investors willing to accept more volatility.
07 What to watch
- US non-farm payrolls: Friday’s jobs report will confirm or challenge ADP’s weak 38,000 print and set the tone for Fed pricing ahead of the September 15-16 meeting.
- Silver’s US$65 level: Whether silver holds above US$65.25 will determine if the breakout has follow-through or fades.
- Dutch gold transfers: Any further central bank bullion movements could signal rising geopolitical hedging, supporting gold.
- Mexico and Peru production data: Ore-grade declines and supply constraints in the top silver-producing countries could tighten the market further.
Frequently Asked Questions
Why did gold and silver rise on Wednesday, September 2, 2026?
Weak US jobs data from ADP, falling real yields, and a softer dollar made non-yielding metals more attractive.
Which Latin American countries matter most for silver?
Mexico is the world’s top producer, and Peru is the third-largest, so both benefit directly from higher silver prices.
What was the exact settlement for gold?
The gold-tracking proxy settled at US$4,385 an ounce, up 1.39% on the session.
What safe-haven news supported gold?
The Dutch central bank moved 86 tonnes of gold from the US and Canada to the UK, citing geopolitical unrest.
Market data: RT
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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