DBT Bureau
Pune, 6 Sep 2026
Precious metals traded in a narrow range as investors turned cautious ahead of the U.S. nonfarm payrolls report, which could offer fresh clues on the Federal Reserve’s interest-rate outlook. Spot gold hovered around USD 4,460 per troy ounce, while silver remained near USD 65, as renewed U.S.-Iran tensions, elevated oil prices and mixed manufacturing data kept inflation, bond yields and the dollar in focus.
- Precious metals traded in a relatively stable range as market participants shifted their focus to the upcoming U.S. nonfarm payrolls report, which is expected to provide fresh insights into the Federal Reserve’s monetary policy outlook and the timing of any potential interest rate adjustments.
- Spot gold hovered around USD 4460 per troy ounce, while spot silver remained near USD 65 per troy ounce, with investors adopting a cautious stance ahead of the closely watched employment data that could influence the direction of U.S. bond yields and the dollar.
- At the Jackson Hole symposium, Fed Chair Kevin Warsh said the U.S. central bank would need to take further action if policymakers were not sufficiently confident that inflation is moving sustainably back toward the 2% target.
- Meanwhile, renewed escalation in the Middle East raised inflation concerns and reinforced expectations that U.S. interest rates could remain higher for longer.
- U.S.- Iran tensions escalated after their largest exchange of fire in weeks. The U.S. military said it targeted Iran’s Islamic Revolutionary Guard Corps (IRGC) air defense systems, radar installations, maritime assets, mine-laying capabilities, and communication sites, including locations near the Strait of Hormuz. In response, Iran claimed it struck U.S. assets in Bahrain, Jordan, Kuwait, and Iraq.
- Crude oil prices edged lower today but remained on track for a weekly gain, as escalating tensions between the U.S. and Iran fueled concerns about potential disruptions to Middle Eastern oil supplies and kept risk premiums elevated in the market.
- NYMEX Crude traded around USD91 a barrel while ICE Brent hovered above USD95 a barrel.
- U.S. ISM Manufacturing PMI declined to 54.6 in August 2026, indicating a slowdown from the previous month, but marking an expansion for the eighth consecutive month.
- China’s NBS Manufacturing PMI recovered modestly to 49.8 in August 2026, but marked a second consecutive month of contraction in the manufacturing sector.
