Gold Holds Firm Despite Hawkish Payrolls Surprise

07 September 2026

Precious metals finished a volatile week lower after stronger-than-expected US labour market data reinforced expectations that the Federal Reserve may deliver another rate hike later this year.

Despite the short-term pullback, gold continues to find support around the USD $4,350 per troy ounce (oz) price point, from ongoing central bank buying, resilient ETF demand and broader geopolitical uncertainty.

Performance (since Friday morning)

Gold: Closed the week at USD $4,430oz (AUD $6,144oz), -0.4%

Silver: Underperformed gold, closing at USD $66.2oz (AUD $91.8oz), -0.5%

Platinum: Outperformed, closing at USD $1,824oz (AUD $2,530oz), +1.6%

Key Market Driver

The August US Non-Farm Payrolls report showed 162,000 jobs added, almost triple consensus expectations (~56,000). The result pushed Treasury yields and the US dollar higher, with markets increasing the probability of Fed rate hikes across the remainder of the 2026 FOMC meetings.

Gold initially dropped roughly USD $115oz from open to low intra-day, before recovering part of the decline. Highlighting continued underlying support despite a more hawkish rate outlook.

Luke Tyler
Senior Analyst, ABC Bullion

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