The rise in oil prices is putting pressure on the precious metals market today, with gold down nearly 1.5% and silver falling close to 2.5%. The move comes alongside higher bond yields and growing expectations for faster interest-rate hikes in the U.S. Volatility may increase this afternoon when the U.S. JOLTS and ISM Manufacturing data are released at 3 PM GMT. Weaker data could support precious metals, while stronger readings and a high manufacturing prices index could theoretically favor sellers.
- Gold’s weakness began after weekend comments from Kevin Warsh revived concerns about the future path of U.S. interest rates.
- Despite short-term pressure from higher yields and expectations for a more restrictive Fed, long-term structural demand for gold remains very strong.
- According to the latest World Gold Council data, central banks bought a net 289 tonnes of gold in Q2, more than five times the 57 tonnes purchased in Q1 and the highest figure ever recorded for a second quarter.
- A WGC survey shows that 45% of central banks plan to continue increasing their gold reserves over the next 12 months.
- Purchases are broadly distributed geographically, suggesting that demand is not being driven by just one or two major buyers.
- The People’s Bank of China increased its gold reserves by 20 tonnes in July to a record 2,377.5 tonnes. In total, China has added 60 tonnes so far in 2026.
- Poland has been even more aggressive, increasing its reserves by 82 tonnes this year to 632 tonnes.
- Even during price corrections, gold continues to benefit from very strong institutional demand from central banks.
GOLD chart (D1 interval)
Gold is defending its 200-day exponential moving average today, a key technical level separating the broader bearish and bullish trends. A close below $4,350 per ounce could point to more prolonged weakness in precious metals.
Source: xStation5
BREAKING: Eurozone Inflation Comes In Below Forecasts, Unemployment Rises. EURUSD reacts
Chart of the Day: DE40 Falls for a Second Straight Session 🚩 Disastrous German Retail Sales Data (01.09.2026)
Economic calendar: US JOLTS and ISM Manufacturing in focus 🗽 What will Eurozone CPI show?
Morning Wrap: Oil Fuels Market Uncertainty 🚩 Wall Street and Gold Under Pressure (01.09.2026)
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
