On September 2, Agnico Eagle Mines rose 3.24% in regular trading, trading at $198.73/share, with turnover of $44.60 million. The rally was driven by broad strength across the gold mining sector as weak US July employment data dampened expectations for a near-term Federal Reserve rate hike, sending gold prices surging.

The Canadian S&P/TSX Composite Index hit a record high, led by mining stocks. The US economy unexpectedly lost jobs in July, while oil prices eased on prospects of a US-Iran Hormuz Strait export agreement, collectively reducing rate hike pressure. Gold miners rallied sharply, with Coeur Mining up 5.05%, Barrick Mining up 3.57%, Newmont Mining up 3.04%, AngloGold Ashanti up 1.81%, and Harmony Gold up 1.48%.

The rebound follows a prior selloff after gold broke below $4,600/oz when July core PCE data of +3.3% had fueled rate hike fears. However, subsequent labor market weakness has shifted sentiment. Analysts note gold mining stocks remain attractively valued, with the GDX ETF trading at a forward P/E of 10.4x versus 20.2x for the S&P 500.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)