Gold Tumbles on Blockbuster NFP, Then Faces Geopolitical Jolt as Markets Brace for Inflation Data

XAUUSD Gold Traders

Last Friday (September 4), the release of major U.S. employment data completely disrupted the relatively calm rhythm of the gold market. Spot gold plummeted by more than 2% at one point, hitting a low of $4,364.99 per ounce, before closing at $4,430.15—a daily decline of 1% and a weekly drop of 0.58%. Meanwhile, the settlement price for December gold futures stood at $4,476.60, marking a decline of 1.4%. $XAU/USD(XAUUSD.FOREX)$$Gold - main 2612(GCmain)$

This nonfarm payrolls report, which far exceeded market expectations, not only reinforced expectations that the Federal Reserve might raise interest rates this month but also instantly diminished the appeal of gold as a non-interest-bearing asset.

Then, on Saturday—immediately following the release of the employment data—direct clashes between the U.S. and Iran erupted once again in the Strait of Hormuz, causing geopolitical risks to suddenly escalate and adding another layer of complexity to gold prices that were already under pressure.

Now, as we turn to Monday—with U.S. markets closed for Labor Day—global investors are awaiting the release of key inflation data this week, and gold’s short-term fate will be rewritten amid this dual interplay of economic data and geopolitical tensions.

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