Gold jumps on US holiday

Gold jumps on US holiday

On Monday, gold managed to surge a bit in the face of thin trade with Canadian and American financial markets unavailable due to Labor Day holidays.

December delivery gold futures jumped by 0.19% being worth $1,206.70 a troy ounce.

In August, gold recorded its fifth losing month in a row, losing about 7.6% year-to-date. The most popular precious commodity was suppressed by the soaring greenback as well as ascending interest rates. Market participants have also stayed away from gold notwithstanding an escalation in a global trade conflict, showing that gold might be losing its safe haven status because investors shift to the evergreen buck.

The previous week America managed to reach a deal with Mexico. The pact had to do with overhauling the North American Free Trade Agreement, although negotiations with Canada stalled some time before a Friday deadline. Additionally, the current presidential administration is ready to impose another round of duties on China’s products in a move, which could come already this week, thus escalating a trade war with China.

Without any economic reports because of the US holiday, market participants looked forward to the publication of the August nonfarm payrolls news on Friday. Apparently, the consensus estimate hints at the creation of 191,000 jobs in August, while the unemployment rate is believed to stand still at 3.9%.

With hopes pointing to another firm outcome for the American labor market, the news won’t probably move market expectations for the key US bank to have interest rates lifted by a quarter point at the next policy gathering on September 25-26.

Apparently, higher interest rates are prone to suppressing demand for gold that doesn’t bear interest, in favor of yield-bearing assets.

As for other commodities, silver futures managed to leap by 0.38% ending up with $14.535 a troy ounce.

Palladium futures declined by 0.01% trading at $965.90 an ounce. As for platinum futures, they gained 0.25% reaching $788.00.


Something more Important than NFP
Something more Important than NFP

For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.    

Latest news

The US Dollar Is Correcting
The US Dollar Is Correcting

Inflation in Europe was released better than the forecast. The preliminary fact was published at 4.3%. What's happening in the markets?

Bearish Signal For The USD
Bearish Signal For The USD

XAUUSD fell below 1900 for the first time since March 2023. Meanwhile, the US dollar index gives a bearish signal. Read the full report to learn more!

Deposit with your local payment systems

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera