1. U.S. stocks slid on Tuesday as the U.S. and Canada’s trade war escalated, and rising oil prices and inflation jitters took focus at the start of the holiday-shortened week. The Dow Jones Industrial Average fell 628 points or 1.8%, while the S&P 500 slipped roughly 45 points. The tech-heavy Nasdaq Composite fell 0.32% as investors eyed inflation data and Oracle earnings later this week.
2. The People’s Bank of China added 20.2 metric tons of gold to its reserves in August, its largest monthly purchase since October 2023. Last month’s purchases brought the country’s total official holdings to roughly 2,387 tons. China has now increased its gold reserves for 22 consecutive months and has added approximately 80 tons of bullion during the first eight months of 2026. The valuation of China’s gold reserves has also increased significantly, rising from $306.35 billion at the end of July to $350.08 billion by the end of August, an increase of roughly $43.7 billion last month alone. Central banks continued their gold accumulation in July, with net buying reported at 23t. Emerging markets have also continued to accumulate gold this month with China (20t) and Poland (8t) taking the lead.
3. A robust outlook for Corporate America is helping underpin U.S. stocks as inflation risks mount. More analysts have raised rather than cut earnings estimates for a 21st straight week, the longest run of upgrades since September 2021. The trend sets up U.S. firms for another bumper reporting season after one of the best quarterly showings on record. It has also boosted sentiment at a time when WTI prices are firmly above $90 a barrel. Traders are also bracing for a potential Federal Reserve rate hike next week. Keith Parker, head of global macro equity strategy, noted that expectations for S&P 500 earnings next year have been raised by almost 4% in the past two months alone. “That’s highly unusual and signals the robustness of recent U.S. earnings across multiple sectors.”
4. The price of the world’s primary oil benchmark rose close to the $100 per barrel mark on Tuesday, approaching the key level for the first time in two months after a new wave of hostilities in the Middle East. Futures on Brent crude rose roughly 2.3% to trade near $98.50 per barrel after briefly crossing $99 earlier in the session, while those on U.S. benchmark WTI crude picked up 2.7% to trade at $94 per barrel. The flare-up in conflict in the war enters its sixth month, and the global market has fallen into deficit as oil transits through the Strait of Hormuz have remained below pre-war levels, prompting Goldman Sachs’ oil strategy desk to raise its price targets for the two key benchmarks on Monday.
5. In the week ending September 5, the advance figure for seasonally adjusted initial claims was 206,000, a decrease of 1,000 from the previous week’s revised level. The previous week’s level was revised up by 1,000 from 206,000 to 207,000. The 4-week moving average was 206,000, a decrease of 1,500 from the previous week’s revised average. The previous week’s average was revised up by 250 from 207,250 to 207,500.
6. Oil prices fell on Friday but remained on course for a weekly gain of more than 8% while U.S. diesel prices hit a record high as attacks along Middle East shipping routes stoked concerns about prolonged supply disruptions. Brent crude futures were down $3.28, or 3.05%, to $104.35 a barrel. U.S. West Texas Intermediate crude fell $3.41, or 3.33%, to $99.07 a barrel. Both benchmarks hit their highest levels since mid-May earlier in the session.
7. The Euro accelerates its reversal against the U.S. Dollar on Friday, as the impulse from a hawkish hike by the European Central Bank (ECB) fades. The EUR/USD pair trades at weekly lows near 1.1590 at the time of writing, down from 1.1650 highs earlier in the week, as investors await the release of U.S. Consumer Price Index data.
8. USD/JPY falls 0.54% on Friday and trades around 153.60 at the time of writing. The pair initially jumped to 154.49 following the release of United States inflation data before quickly erasing the entire move, as strength in the Japanese Yen outweighs the initial rebound in the U.S. Dollar.
A fresh reading on inflation showed monthly prices rose more than expected in August, increasing the likelihood that the Federal Reserve will raise interest rates next week. Stripping out volatile food and energy prices, the Consumer Price Index rose 0.3% month over month, compared with expectations of 0.2%. The year-over-year rate was in line with expectations for 2.4%, and down a tenth of a percentage point from July. On a headline basis, CPI rose 3.4% in August, in line with expectations, and 0.4% month over month. After a brief easing in June and July, inflation pushed up again in August, setting the stage for a possible interest rate hike by the Federal Reserve at its September policy meeting.
Sales of previously occupied U.S. homes declined in August to their slowest annual pace in more than a year as home shoppers grappled with rising mortgage rates and home prices. Existing home sales fell 2% last month from July to a seasonally adjusted annual rate of 3.98 million units. This is the third straight monthly decline. Sales also fell 1.2% compared with August last year. The latest sales tally is just shy of the 4 million pace economists were expecting. Home sales have mostly hovered near a 4-million annual pace since 2023, far below the historic norm closer to 5.2 million. The last time the annual sales pace came in below 4 million was June 2025. Despite the latest pullback, existing U.S. home sales are running 1.6% higher through the first eight months of this year than they were in the same stretch of 2025.
Tightening global copper supply, robust demand from the AI boom, and uncertainty over tariffs are all whipping up a frenzy for the red metal. It’s sending prices soaring to their highest level ever. Copper futures traded in New York settled at $6.89 per pound on Wednesday, their highest level on record. In London, copper futures, measured by the metric ton, are also at record highs. Known for being highly conductive, copper has wide applications across electronics, housing, and autos. The red metal is a critical part of industry and construction, and its ascent to record highs could send higher prices rippling through to businesses.
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)
| Sept. 4, 2026 | Sept. 11, 2026 | Net Change | ||
| Gold | $4,416.84 | $4,358.48 | -58.36 | -1.32% |
| Silver | $65.87 | $64.46 | -1.41 | -2.14% |
| Platinum | $1,815.30 | $1,792.42 | -22.88 | -1.26% |
| Palladium | $1,387.82 | $1,304.70 | -83.12 | -5.99% |
| Dow | 53398.02 | 52572.81 | -825.21 | -1.55% |
Previous Year Comparison
| Sept. 12, 2025 | Sept. 11, 2026 | Net Change | ||
| Gold | $3,648.83 | $4,358.48 | 709.65 | 19.45% |
| Silver | $42.31 | $64.46 | 22.15 | 52.35% |
| Platinum | $1,405.09 | $1,792.42 | 387.33 | 27.57% |
| Palladium | $1,214.38 | $1,304.70 | 90.32 | 7.44% |
| Dow | 45834.22 | 52572.81 | 6738.59 | 14.70% |
Here are your Short-Term Support and Resistance Levels for the upcoming week.
| Gold | Silver | |
| Support | 4304/4179/4076 | 63.85/61.49/59.67 |
| Resistance | 4533/4636/4761 | 68.03/69.85/72.21 |
| Platinum | Palladiumn | |
| Support | 1744/1665/1617 | 1305/1219/1151 |
| Resistance | 1872/1920/1999 | 1458/1526/1611 |