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Wednesday, September 09, 2026
What’s happening: Gold traded higher this morning on weakness in the US dollar.
What happened: The yellow metal had been on a downward trajectory for two sessions in a row, as higher crude prices raised inflationary concerns and stroked speculations of interest rate hikes.
Higher investment and hedging demand, along with increased central bank purchases, lent support to gold prices this morning.
Why it matters: The US military attacked five Iranian crude tankers near the Kharg Island following Tehran’s attempted missile attacks on a US warship. Growing tensions provided a boost to oil prices and raised inflation concerns.
Iran’s statements of being close to an agreement with Oman to manage the Strait of Hormuz shipping route fuelled concerns around Tehran’s rising control of the key waterway.
Investors now widely expect the Federal Reserve to raise its benchmark interest rates by 25 bps (basis points) at their meeting later this month.
Although gold is viewed as a hedge against inflation, higher interest rates generally reduce the demand for the non-yielding bullion.
Gold prices fell sharply on Friday after data showed significant acceleration in US job growth in August. A more resilient labour market gives the Fed the flexibility to hike interest rates.
Weakness in the US dollar lent support to gold prices this morning, as a softer greenback makes metals cheaper for foreign currency holders. The US dollar index, which measures the greenback’s performance versus a basket of major peers, fell around 0.1% to 98.78 this morning.
Spot price for gold rose 0.4% to $4,373.47 an ounce, after recording losses for two straight sessions.
In other metals trading, spot price for silver added 0.5% to trade at $66.0725 an ounce, while platinum rose 0.8% to $1,834.67. Palladium bucked market trend, with prices falling 0.3% to $1,349.93.
What to watch: Investors will keep an eye on the US-Iran conflict.
Investors await data on US CPI and PPI this week, as inflation concerns. US producer prices, which came in unchanged in July following a revised 0.1% decline in the previous month, are expected to surge by 0.4% in August. Analysts expect the US CPI to rise by 0.4% in August following a 0.1% gain in July.
Context: The CSI 300 index traded higher this morning as investors digested the latest inflation data.
Details: Equity markets in China rose this morning despite renewed inflationary concerns due to higher energy costs.
Annual consumer inflation accelerated to 0.8% in August, from 0.5% in the previous month, but came in-line with market estimates. On a monthly basis, consumer prices rose 0.4%, following a 0.1% decline in July.
Producer price inflation also rose to 3.8% in August from a three-month low of 3.5%. The figure was higher than market estimates of 3.7%. Meanwhile, China’s food prices fell 1.4% year-over-year in August, after a 1.5% decline in the previous month. This marked the fifth straight month of declining food prices.
The recent rise in inflation was driven by higher energy costs amid the ongoing US-Iran tensions. Although the region emerged from a prolonged period of deflation, weakness in consumer demand continues to weigh on economic growth.
Notable gainers in today’s session included Zhongji Innolight, Hygon Information Technology and Suzhou Dongshan Precision.
The CSI 300 Index rose 0.24% to 4,569.69 this morning, while the SSE Composite Index rose 0.22% to trade at 3,949.39.
What to watch: With no major economic releases due this week, investors await data on industrial production, retail sales and unemployment rate from China next week. China’s industrial production, which rose 4.5% year-over-year in July, easing from a 5.3% gain in the previous month, is expected to grow by 5% in August.
Analysts expect China’s retail sales to surge by 1% year-over-year in August following a 0.6% gain in July, while China’s surveyed urban unemployment rate is expected to remain unchanged from the previous month at 5.2% in August.
Other Markets: European indices closed mixed on Tuesday, with the FTSE 100 and STOXX Europe 600 Index down by 0.10% and 0.05%, respectively, and the DAX 40 and CAC 40 and up by 0.01% and 0.14%, respectively.
US President Donald Trump and Russian President Vladimir Putin held an hour-long phone conversation on Tuesday, discussing efforts to revive talks for ending the conflict in Ukraine. The news sent the USD/RUB pair lower in forex trading this morning.
Indonesia’s new car sales jumped 32.4% year-over-year to a six-month high of 81,756 units in August. This being the fifth consecutive month of growth exerted pressure on the USD/IDR forex pair.
Japan’s Reuters Tankan index for manufacturers rose to +21 in September from +18 in the previous month. The figure surging to its highest level since December 2021 sent the USD/JPY pair lower in forex trading this morning.
Thailand’s consumer confidence index rose to 53.2 in August from 51.8 in the previous month. Consumer morale climbing to the highest level since February exerted pressure on the USD/THB forex pair.
South Korea’s unemployment rate declined to 2.7% in August from 2.8% in July, while the economy added 184,000 jobs during the period. However, the USD/KRW pair rose in forex trading this morning.
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