Gold Reclaims USD $4,500 as Markets Await Payrolls Test
04 September 2026
Precious metals recovered in US trading overnight with gold pushing above USD $4,500 per troy ounce (oz) once again. Higher real yields and a firmer US dollar remain near-term headwinds, though ongoing geopolitical uncertainty and resilient investment demand particularly from central banks continue to underpin longer-term sentiment.
Daily Performance
Gold: Pushed higher above USD $4,500oz intra-day, currently trading at USD $4,473oz (AUD $6,216oz), +2%
Silver: Outperformed gold (+2.5%), currently trading at USD $67oz (AUD $93oz)
Platinum: Largely unchanged, currently trading at USD $1,823oz (AUD $2,532oz)
Other Commodity News
Oil: Crude prices remain a key macro driver. Markets continue to assess developments surrounding the Strait of Hormuz, with any improvement in shipping flows likely to ease inflation concerns and reduce pressure on central banks to remain hawkish. Brent Crude remainselevated, trading close to USD $92/BLL (+7% week-on-week).
Copper: Prices remain near historic highs (Copper Futures USD $6.67/pound, +44% year-on-year) amid ongoing supply constraints and strong industrial data centre demand.
Key Market Drivers
Rising US rate hike expectations continue to support real yields and the US dollar.
Gold's resilience despite higher yields suggests longer-term demand from ETFs and central banks remains supportive.
The near-term direction for precious metals remains closely tied to the upcoming US Non-Farm Payrolls report and its implications for September Federal Reserve policy expectations. A print above the forecast of 42,000 jobs would likely strengthen expectations for a September Fed rate hike, supporting Treasury yields and the US dollar. With interest rate expectations currently the dominant driver of precious metals markets, this could place renewed downward pressure on gold and silver prices.
Luke Tyler
Senior Analyst, ABC Bullion
Disclaimer: This document has been prepared by Australian Bullion Company (NSW) Pty Limited (ABN 82 002 858 602) (ABC). The information contained in this document or internet related link (collectively, Document) is of a general nature and is provided for information purposes only.. Although the information and opinions contained in this document are based on sources we believe to be reliable, to the extent permitted by law, ABC and its associated entities do not warrant, represent or guarantee, expressly or impliedly, that the information contained in this document is accurate, complete, reliable or current and accept no liability for any loss or damage relating to any use or reliance on the information in this document. The information is subject to change without notice and we are under no obligation to update it.