Precious Metals Consolidate as Oil Rally Keeps Inflation Risks Elevated
08 September 2026
Precious metals traded flat overnight, gold traded within an intraday range of USD $4,434 per troy ounce (oz) and USD $4,381oz. Silver traded between USD $66.73oz and USD $65.23oz.
Oil prices continued to climb amid a further deterioration in Middle East tensions, with Brent crude trading above USD $93/bbl at the time of writing, up more than 6% week-on-week. Goldman Sachs has warned that prices could rise as high as USD $120/bbl should attacks on shipping routes intensify (AFR), potentially further fuelling global inflationary pressures.
Daily Performance
Gold: Currently trading at USD $4,421oz (AUD $6,125oz), unchanged
Silver: Currently trading at USD $66.5oz (AUD $92.2oz), unchanged
Platinum: Currently trading at USD $1,840oz (AUD $2,555oz), unchanged
Markets continue to focus on the next two week's U.S. inflation data and Federal Reserve meeting. Expectations surrounding a September rate hike remain highly fluid, both the upcoming PPI (10th September) and CPI (11th September) reports could materially alter Fed rate hike probabilities before the 16th September FOMC decision.
Near-term direction remains heavily dependent on incoming U.S. inflation data and any resulting shift in rate expectations. While higher real yields remain a major headwind, gold's ability to reclaim key technical levels and attract buying interest following last week's sell-off suggests underlying investor demand remains resilient.
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.