The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Gold opens September near a two-week low
Spot gold slipped to around $4,431 an ounce on Monday, its weakest level since the middle of August, and was trading near $4,432 an ounce early on Tuesday. On our own markets feed at 08:03 on 1 September that is about £105.23 a gram for fine gold. (CNBC, Chapman Gold markets feed)
Warsh's Jackson Hole speech repriced the September meeting
Federal Reserve Chair Kevin Warsh told Jackson Hole that the Fed must be confident inflation is returning to its 2% goal, and that without clearer evidence "we have work to do". Traders moved from pricing roughly a 36% chance of a September rate rise before the speech to around 60% after it, on the CME FedWatch Tool. Higher rates raise the cost of holding a metal that pays no income, which is the mechanical reason gold fell. (CNBC, FXStreet)
Friday brought the sharpest one-day fall since June
Bullion dropped more than 3% on Friday, its biggest single-day decline since 10 June, as the dollar and Treasury yields both rose on the back of the speech. The dollar index was quoted around 99.7 during the move. (Reuters via CNBC, FXStreet)
August was still the strongest month since January
Despite the late setback, gold finished August up roughly 10% from near $4,000, its best monthly gain since January. The month's rally followed the US Treasury's plan to double its buybacks of longer-dated bonds, which revived concerns about currency debasement. (MINING.COM)
Central banks bought 289 tonnes in the second quarter
World Gold Council data puts net official sector purchases at 289 tonnes in the second quarter, worth about $47bn, with Poland the largest single buyer on 51 tonnes and China adding 33 tonnes. First-half buying reached 345 tonnes, and 89% of reserve managers surveyed expect global central bank holdings to keep rising over the next twelve months. (World Gold Council)
Gold ETFs took a third straight month of inflows
Physically backed gold ETFs added about $5.5bn globally in August, the third consecutive monthly inflow, led by North American and European funds while Asian funds continued to see money leave. Early reports suggest the direction turned after the Warsh speech, which is worth watching rather than reading as a trend. (World Gold Council)
Silver ran harder than gold, and mine supply is heading for a record
Silver rose about 20% during August and touched $70 an ounce, a far sharper move than gold's, and it has since eased back towards the high sixties. On the supply side, Metals Focus expects gold mine output to rise 2.4% to 3,907 tonnes this year, after a record 3,817 tonnes in 2025. (MINING.COM)
Sources: CNBC, Reuters, FXStreet, MINING.COM, World Gold Council, Metals Focus, CME FedWatch Tool, and the Chapman Gold markets feed. Compiled 1 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.