Gold has resumed trading above $4,400 per ounce, accelerating for a second consecutive session, after US President Donald Trump’s pledge to bring the latest wave of Middle East attacks to a swift end pushed crude oil prices lower by approximately 1%.
The yellow metal was up 0.78% at $4,422.12 per ounce on Thursday morning, having advanced more than 1.2% overnight. Thursday’s gains follow a positive session on Wednesday, when gold managed to break a three-session losing streak.
The commodity had been under pressure from rising inflationary fears after a rally in oil prices sent crude above $90 per barrel — a multi-week high. Thursday’s relief is momentary, but it has been sufficient to lend support to gold, which tends to come under pressure whenever the probability of the Federal Reserve tightening monetary policy increases, given that the metal yields no interest.
Despite months of significant volatility, gold remains in positive territory for the year. Even so, the metal is trading well below the highs reached at the end of January, when it came close to touching $5,600 per ounce — before the Middle East conflict erupted and inflation, until then largely contained, accelerated again and eroded investor appetite for the commodity.
Investor attention is now turning to the US labour market. After the American economy shed 23,000 jobs in July and figures for previous months were revised downward, analysts are anticipating a recovery in August.
“With Kevin Warsh, the Fed chair, avoiding any indication of a specific outcome for the upcoming meeting, the data being released now carries greater weight in determining the near-term trajectory of monetary policy,” Christopher Wong of Oversea-Chinese Banking Corp told Bloomberg. “That leaves markets susceptible to disproportionate price adjustments, excessive swings, and reversals around the release of key data,” he added.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/09/03/commodities-3/ouro-volta-a-negociar-acima-dos-4400-dolares-com-alivio-dos-precos-do-crude/
