Gold prices stabilize as market focuses on US employment data and Middle East situation

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智通财经2026/09/01 02:01

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In early Asian trading on Tuesday, the spot gold price stabilized near $4,440 per ounce. During the previous trading session, influenced by US Federal Reserve Chair Walsh’s hawkish remarks, gold price fell to its lowest since August 19 at around $4,396.43 per ounce.
The market is closely watching a series of upcoming US labor market data this week, including job openings, the ADP employment report, and Friday’s nonfarm payrolls, to seek further clues on the interest rate outlook. Last Friday, Walsh stated that if there is insufficient confidence in inflation falling back, “there is still more work to do,” pushing market expectations for a September rate hike up to about 65%. On Monday, Trump said he has “great respect” for Walsh, believing he “will do what needs to be done regarding interest rates.”
On the geopolitical front, on Sunday, the US military conducted its first direct strike in a month on Iran’s Larak Island to prevent mining of the Strait of Hormuz. On Monday, Trump threatened that if Iran takes further action, the US would launch a “massive retaliation,” escalating the risk of conflict and providing extra support for gold prices. However, the resulting increase in oil prices heightened inflation concerns and supported the outlook for Fed rate hikes, limiting the extent of gold’s rebound.

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