Gold Rebounds as Treasury Yields Ease, Stocks Snap Losing Streak

Gold and silver rebounded and Treasury yields eased on September 3, snapping a losing streak in US stocks after the week’s oil and rates shock.

Market Snapshot

All figures are indicative opening levels as of this morning, September 3.

The picture this morning is a relief bounce after this week’s oil and rates shock.

The Dow, S&P 500 and Nasdaq all opened higher by roughly half a percent, the VIX slipped toward 15, and gold and silver both rebounded more than 1.4 percent as Treasury yields eased.

Oil stayed firm, with WTI around 92.49 still grinding higher even as the broader panic faded.

The single-stock story is the split inside tech, with Dell soaring around 15.8 percent on an AI-server earnings beat while Snowflake dropped around 4.4 percent, and ExxonMobil firming alongside crude and a reported US-Venezuela supply deal.

Main Story

Gold rebounded more than 1.4 percent on September 3 as Treasury yields eased, snapping a two-day slide driven by this week’s oil and rates shock, and the move in rates underneath the bounce is the one to watch.

• US stocks snapped their losing streak with the Dow up around 0.56 percent while gold and silver each rebounded more than 1.4 percent and the 10-year Treasury yield eased to around 4.796 percent, per Yahoo Finance.
• The read from CNBC is that markets have moved from panic to pricing in the oil shock after Trump said renewed Mideast hostilities will not last too long.
• What the tape may be underrating is that crude kept climbing to around 92.49 even as fear faded, so the inflation and rate risk that drove this week’s selloff has not gone away.

Chart of the Day

Gold is bouncing back toward its 200-day average near 4,573 after this week’s yield spike knocked it to a low around 4,374.

The rebound to around 4,480 came as Treasury yields eased and the safe-haven bid returned.

That 200-day line is the level to watch, since gold has not closed back above it through the recent pullback.

Technical Trading

A few levels worth watching across the tape, drawn from Investing.com and Yahoo Finance:

• Gold’s RSI sits around 65.6 with a positive MACD near 20.8, and price has reclaimed its 50-day near 4,412 but still trades below the 200-day at 4,573.
• Classic pivots put gold resistance at around 4,478 and 4,482, with first support near 4,467 and the daily pivot at 4,472.
• The 10-year yield eased to around 4.796 percent after this week’s bond selloff, holding just under the 4.85 percent area, while WTI’s break above 90 leaves the prior 85 dollar resistance as support.

Global News

1. US stocks snapped a multi-day losing streak as Trump said renewed Mideast hostilities will not last too long, easing the war premium that drove this week’s selloff.
2. Iran struck Kuwait in the latest Gulf escalation, though crude’s gains slowed with WTI around 92.49 and Brent near 96.77.
3. The yen jumped to a one-month high as Treasury Secretary Bessent said Tokyo may intervene, and Japanese borrowing costs hit a 30-year high.
4. A reported US-Venezuela energy deal added a new supply angle to the oil story and lifted integrated majors including ExxonMobil.
5. Dell surged around 15.8 percent after earnings while Snowflake fell around 4.4 percent, a sharp split between AI hardware and software demand.

Texas News

Crude near 92 dollars is a clear tailwind for Texas producers, and Spring-based ExxonMobil is positioned to benefit from both the rally and the reported US-Venezuela supply deal.

Higher prices sit well above Permian breakevens, keeping margins for the state’s operators unusually wide.

Looking Ahead

Friday, September 4: The August jobs report lands, the key input for a Fed meeting where markets are pricing a real chance of a September hike.

Monday, September 7: US markets are closed for Labor Day, leaving thin overseas trading to absorb any weekend headlines out of the Gulf.

The Y’all Street Podcast

Tarek Saab sits down with investor and board advisor Michael Gentile for a look at where he sees the market’s biggest opportunities hiding. He breaks down why gold could be entering a new era, what rising debt and de-dollarization could mean for the U.S. dollar, and why junior mining companies may be dramatically undervalued even at record gold prices. Michael also shares how he hunts for 20 to 50x returns, what he learned from Warren Buffett, and why emotional intelligence matters more than intelligence when markets turn against you.

Prices from Yahoo Finance, CNBC and Fortune. Technical levels from Investing.com and FXStreet. News from Reuters, Al Jazeera and CNBC.

For informational purposes only. Not investment advice. Prices are indicative opening levels and may differ from your broker.