The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Gold closes the week at $4,429 after a jobs surprise
Spot gold settled at $4,429 an ounce on Friday, down 1.14 per cent on the session, giving back part of a mid week rebound. The fall came after a far stronger than expected August employment report lifted Treasury yields and the dollar. Markets were shut over the weekend, so Friday's close is where the week ends (Rio Times, USAGOLD).
Payrolls came in at roughly three times the forecast
The Bureau of Labor Statistics reported non farm payrolls rose by 162,000 in August, against the 53,000 economists had expected, with the unemployment rate holding at 4.1 per cent. A labour market that hot argues against any easing, and gold, which pays no interest, tends to suffer when rates look like staying higher for longer (Bureau of Labor Statistics, USAGOLD).
The rate question is what the market is really trading
Gold had rallied around 2 per cent on Thursday after dovish comments from Federal Reserve Governor Christopher Waller pushed the implied odds of a September rate rise down to roughly 50 per cent from about 63 per cent the day before. Friday's data pushed those bets back the other way. The metal has spent the whole week being marked up and down on nothing but the Fed (CNBC, Forbes).
Silver and platinum gave ground alongside it
Silver settled at $66.17 an ounce on Friday, down 1.22 per cent, and platinum was quoted at $1,828.50. Both had been firmer earlier in the week on a softer dollar. For anyone valuing a mixed box of scrap, the ratios moved as well as the headline gold number (Rio Times, Trading Economics).
Central banks are still buying, and say they intend to keep buying
The People's Bank of China added 33 tonnes in the second quarter of 2026, its largest single quarter since late 2023, extending a run of consecutive monthly purchases into a second year. The World Gold Council's annual reserve managers survey found 89 per cent expect global central bank gold holdings to rise over the next twelve months (World Gold Council).
Exchange traded funds added another 23 tonnes in August
Global gold backed ETF holdings rose by 23 tonnes in August to 4,068 tonnes, still short of the record 4,176 tonnes set on 27 February 2026. Inflows for the year to date stand at about $11bn, with Asian listed funds the largest single contributor (World Gold Council).
India's jewellery trade is absorbing a heavier duty
Indian jewellery demand recovered sequentially to 75 tonnes in the second quarter, though that was 15 per cent lower than a year earlier, with a 9 per cent import duty rise and an inauspicious period both weighing. The World Gold Council expects Indian jewellery plus bar and coin demand to fall by 50 to 60 tonnes across 2026 (World Gold Council).
Sources: Bureau of Labor Statistics, Rio Times, USAGOLD, CNBC, Forbes, World Gold Council, Trading Economics. Compiled 6 September 2026. Nothing here is investment advice; it is the news, read with a jeweller's eye. For what the market means in real terms, see The Gold Price, where the world is priced in gold.