1. The main U.S. stock indexes dropped on Monday after military strikes between the United States and Iran drove up oil prices, fanning inflation worries after Fed Chairman Kevin Warsh’s hawkish remarks in his first Jackson Hole address the previous week. Traders see a more than 60% chance of a rate hike at the Fed’s September meeting, a sharp increase from 41.4% a week ago. A consumer inflation reports this month showed price pressures were mild in July, but the Personal Consumption Expenditures reading, the Fed’s preferred gauge, was hotter than expected.
2. It was a week that began with gold in full momentum mode and ended with a sobering reminder that no rally is immune to the Fed’s reach. What started as a seven-session streak of consecutive higher highs, with gold clearing the 38.2% Fibonacci retracement at $4,692 and briefly eyeing the 50% level at $4,900 came undone in a single session Friday as Fed Chairman Kevin Warsh delivered a more hawkish-than-expected keynote address at the Jackson Hole Economic Symposium, sending December gold futures plunging $150.70, or 3.24%, to close at $4,504.10. Tuesday brought gold to a new three-month high, the seventh consecutive higher high on the daily candlestick chart — before the market settled into an almost perfect doji candle in the star position. As noted at the time, this was a market evenly balanced between buyers and sellers, pausing for breath directly ahead of Jackson Hole. The doji in the star position was a yellow flag worth monitoring. Gold held, however, right at the 200-day simple moving average, a level repeatedly identified as meaningful support, and that hold kept the bullish case very much alive.
3. Global bond yields surged Tuesday as renewed tension between the U.S. and Iran reinforced inflation expectations, which increased the prospect of interest-rate hikes in the coming months. The 10-year U.S. Treasury yield rose to 4.792%, the highest since January 2025. The 10-year Japanese government bond yield crossed 3% to hit a 30-year high. The 10-year German Bund yield reached 3.364%, unseen since 2011. In the U.K., the 10-year gilt yield rose to 5.254%, its highest since 2008, while the 30-year gilt yield rose to levels unseen since 1998. “Global bonds are facing a perfect storm of rising inflation fears, driven by higher energy prices, which are in turn raising rate hike expectations,” Leon Ferdinand Bost, analyst at Metzler said. “At the same time, fiscal concerns are back at the forefront and together with heavy supply are weighing on the long end,” he said.
4. The U.S. labor market recorded 7.27 million job openings in July, the Bureau of Labor Statistics reported Tuesday, nudging higher from a revised 7.18 million the prior month. The openings-to-unemployed ratio held at roughly 1.1 vacancies per jobseeker. Layoffs and discharges dropped to 1.7 million, marking a six-month low. Manufacturing saw its fewest dismissals in over five years. The report follows a stretch of relative stability in labor demand.
5. The number of Americans filing claims for unemployment benefits increased marginally last week, suggesting no material shift in labor market conditions at the end of August. Initial claims for state unemployment benefits climbed 2,000 to a seasonally adjusted 206,000 for the week ended August 29, the Labor Department said on Thursday. Economists polled had forecasted 205,000 claims for the latest week.
6. Oil prices were on course to gain over 6% for the week as the U.S. and Iran resumed military exchanges in their conflict, now in its seventh month, while U.S. diesel prices hit a record high. Brent crude futures were down 14 cents or 0.15% on the day at $95.38 a barrel, while U.S. West Texas Intermediate crude futures were down 37 cents, or 0.41%, at $90.93.
7. EUR/USD sees sharp two-way price swings on Friday after a stronger-than-expected United States employment report triggers fresh volatility. The pair initially fell to an intraday low of 1.1585 before recovering as the U.S. Dollar struggled to sustain its gains. At the time of writing, EUR/USD trades around 1.1620.
8. The yen jumped by 2% against the U.S. dollar on Thursday as traders ramped up bets on a Bank of Japan interest rate hike. A sharp, sudden rise in the yen against the dollar on Wednesday fueled speculation that Japanese officials had intervened to shore up the currency, after gains from a historic U.S.-Japan action in late July began to fade. But with no evidence of official action, analysts say the move instead reflects betting that the BOJ could raise rates by more than previously expected when it meets on September 17 and 18.
OPEC+ is likely to keep its oil output policy unchanged for October at an upcoming meeting on Sunday. The meeting comes as the Iran war continues to disrupt oil exports through the Strait of Hormuz, reducing OPEC+’s influence over prices and market share. Unlike in the past, the group’s supply decisions will involve seven core OPEC+ members: Saudi Arabia, Russia, and Iraq now have a more limited impact on the market. Sunday’s meeting will include Kuwait, Algeria, Kazakhstan and Oman. The countries have been raising monthly production quotas for most of this year.
Hiring by private-sector employers fell short of expectations last month, according to payroll processor ADP. Private employers added 38,000 jobs in August. Economists polled had been expecting a gain of 47,000 jobs. July’s job gains were revised up slightly to 46,000. Job switchers saw their base wages increase by 4.7% year-over-year, while wages for those who stayed put rose by 3%. There is “still some opportunity to boost wages by changing jobs, even in this low-fire, low-hire job market.” ADP chief economist Nela Richardson said.
U.S. employers added 162,000 jobs in August, handily beating economists’ expectations and bouncing back from July’s surprise loss, the Labor Department said on Friday. The unemployment rate held steady at 4.1%. Data for August is seen as key to whether the Fed will hike at its September 15-16 meeting. Fed Governor Christopher Waller said on Thursday that if upcoming data confirms inflation pressures are cooling off, he is inclined to argue in favor of keeping interest rates steady.
Mortgage rates hit their highest level in over a year. The average 30-year fixed-rate mortgage was 6.71% this week through Wednesday, the highest since June 2025, up from 6.66% a week earlier. Other measures of mortgage rates have shown an even bigger jump. Mortgage rates on Wednesday averaged 6.91%. The 10-year Treasury yield, which mortgage rates track closely, has risen sharply in recent weeks as investors worldwide grow more jittery about inflation.
Volatility should be expected to remain high as investors will be closely watching for hints on the upcoming monetary policy direction. Many investors have redoubled their efforts to ensure that their portfolios are sufficiently diversified in the hope that they will be able to withstand corrections in multiple market sectors. Many of these investors have included physical precious metals as part of their diversification plans, given their long history as a hedge against both inflation and during times of economic turmoil. Remember, the key to profitability through the ownership of physical precious metals is to own the physical product and hold it for the long term. Always remember that you should never overextend your ability to maintain ownership of your precious metals over the long run.
Trading Department – Precious Metals International Ltd.
Friday to Friday Close (New York Closing Prices)
| Aug. 28, 2026 | Sept. 4, 2026 | Net Change | ||
| Gold | $4,471.65 | $4,416.84 | -54.81 | -1.23% |
| Silver | $66.87 | $65.87 | -1.00 | -1.50% |
| Platinum | $1,825.67 | $1,815.30 | -10.37 | -0.57% |
| Palladium | $1,417.92 | $1,387.82 | -30.10 | -2.12% |
| Dow | 53559.34 | 53398.02 | -161.32 | -0.30% |
Month End to Month End Close
| Jul. 31, 2026 | Aug. 31, 2026 | Net Change | ||
| Gold | $4,053.60 | $4,436.63 | 383.03 | 9.45% |
| Silver | $57.87 | $66.37 | 8.50 | 14.69% |
| Platinum | $1,651.55 | $1,783.87 | 132.32 | 8.01% |
| Palladium | $1,283.20 | $1,365.75 | 82.55 | 6.43% |
| Dow | 52485.74 | 53185.90 | 700.16 | 1.33% |
Previous Year Comparison
| Sept. 5, 2025 | Sept. 4, 2026 | Net Change | ||
| Gold | $3,596.16 | $4,416.84 | 820.68 | 22.82% |
| Silver | $41.01 | $65.87 | 24.86 | 60.62% |
| Platinum | $1,385.65 | $1,815.30 | 429.65 | 31.01% |
| Palladium | $1,119.06 | $1,387.82 | 268.76 | 24.02% |
| Dow | 45411.56 | 53398.02 | 7986.46 | 17.59% |
Here are your Short-Term Support and Resistance Levels for the upcoming week.
| Gold | Silver | |
| Support | 4367/4280/4115 | 64.59/62.81/59.51 |
| Resistance | 4620/4785/4872 | 69.67/72.97/74.75 |
| Platinum | Palladiumn | |
| Support | 1791/1758/1701 | 1329/1234/1162 |
| Resistance | 1881/1938/1970 | 1497/1569/1664 |