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Abrdn Platinum ETF Trust (PPLT) News
The People's Bank of China has increased its gold holdings for 22 consecutive months, with the pace of purchases accelerating further in August.
By the end of August 2026, the People's Bank of China's gold reserves reached 76.73 million ounces, marking the 22nd consecutive month of increases. Monthly additions in June, July, and August were 480,000, 640,000, and 650,000 ounces, respectively, with the past two months both exceeding 600,000 ounces, indicating a notable acceleration in the pace of gold purchases.
Three major investment banks have uniformly adopted a bullish stance on gold, though their underlying rationales differ in emphasis.
Citi is monitoring the decline in oil prices following the reopening of the Strait of Hormuz, Goldman Sachs emphasizes continued gold purchases by global central banks, and UBS Group believes that rising global fiscal risks are driving demand for gold allocations.
Will next week's U.S. CPI data trigger a September rate hike? BofA and Citi present two opposing scenarios.
BofA Securities projects that the core CPI will rise by 0.22% month-on-month in August, arguing that inflation remains sufficiently elevated to support a rate hike in September. In contrast, Citi forecasts core CPI growth of only 0.18%, with the annual rate declining to 2.3%, suggesting the Federal Reserve is more likely to hold rates steady. The divergence between these two institutions stems from the discrepancy between CPI and PCE trends, as well as Governor Waller’s key tolerance threshold for inflation. Analysts suggest that if the data comes in hotter than expected, the Fed may be forced to adopt a more aggressive tightening path.
Citi: Strait of Hormuz expected to reopen in Q4; short-term gold target price raised to $4,800
Citi regards the resumption of navigation in the Strait of Hormuz in Q4 2026 as its core scenario, anticipating that oil prices may decline rapidly following the reopening, thereby alleviating U.S. inflationary pressures, interest rate burdens, and debt stress. The bank maintains its bullish outlook on gold, expecting that weaker real interest rates and a softer U.S. dollar will further support gold prices. It sets the 0–3 month target price for gold at $4,800 per ounce and projects a price of $5,000 per ounce over the 6–12 month horizon.
Non-farm payrolls unexpectedly surge, lifting the probability of a September rate hike to approximately 60%, triggering simultaneous repricing in U.S. equities and bonds.
U.S. nonfarm payrolls for August significantly exceeded expectations, further widening market分歧 over the Federal Reserve's policy direction in September.
How does Wall Street view the August non-farm payrolls? Strong employment figures have not ended the suspense over a September rate hike; next week's CPI holds "decisive significance."
The U.S. non-farm payrolls report for August was surprisingly strong, prompting the market to reassess the likelihood of a Federal Reserve rate hike in September. However, Wall Street does not believe this resolves the policy uncertainty. According to analysts at multiple institutions, while the robust employment data has indeed strengthened the hand of the hawkish camp within the Fed, it is insufficient on its own to determine the outcome of the September monetary policy meeting. The CPI data scheduled for release next week remains the key factor likely to "set the direction." On Friday, the U.S. Bureau of Labor Statistics reported that non-farm payrolls increased by 162,000 in August, far exceeding the market expectation of 56,000. Additionally, job gains for the previous two months were revised upward by a combined 55,000, with July's figure being adjusted from a decrease of 23,000.
Express News | Trump: Employment data far exceeds expectations; the Federal Reserve "should cut interest rates"
U.S. President Trump posted: The newly released employment data is excellent, surpassing all expectations (except mine!). The increase was two to three times higher than expected, and you haven’t seen the full picture yet! U.S. employers added 162,000 jobs in August. Cut interest rates, because America’s creditworthiness is much stronger than it was not long ago! A strong nation means lower interest rates due to its superior credit profile... it’s that simple! We should have the lowest interest rates in the world, just like in the “good old days.” If these countries were not allowed by the United States to enjoy huge trade surpluses—a situation we can halt immediately—they should no longer be regarded as financial “elite” nations! Cut interest rates, or I will cease trade with countries that maintain trade surpluses with the United States. The U.S. Supreme Court has clearly affirmed in that absurd and costly tariff ruling that the “President” has the absolute authority to do so. This is better than tariffs! The Federal Reserve Board, under the leadership of this outstanding new chair, must act wisely, think differently, and be patriotic. High interest rates place the United States at a severely unfair disadvantage, and I will never allow this to happen!
September 4 US Market Update: Support and Resistance Levels for 18 Instruments (Gold, Silver, Platinum, Palladium, Crude Oil, Natural Gas, Copper, and Ten Major Currency Pairs)
Overview of support and resistance levels for gold, silver, platinum, palladium, crude oil, natural gas, and copper (commodities), as well as the U.S. Dollar Index, euro, British pound, Japanese yen, Swiss franc, Australian dollar, Canadian dollar, and New Zealand dollar (major currency pairs), updated in the U.S. market on September 4.
Non-farm payrolls surge! U.S. job growth in August added 162,000 positions, far exceeding expectations, sharply raising the probability of a September rate hike, with next week's CPI data set to be pivotal.
According to data released by the U.S. Bureau of Labor Statistics on Friday, nonfarm payrolls increased by 162,000 in August, significantly exceeding the Bloomberg survey median expectation of 55,000 and surpassing estimates from all analysts surveyed. Additionally, data for the previous two months were revised upward, with the July figure (-23,000) being adjusted to a positive value.
快讯 | 美国8月非农增加16.2万人，远高于预期；失业率为4.1%符合预期
US Aug. Non-Farm Payrolls +162000 Vs +56000 Forecast, Prior +21000; US Aug. Unemployment Rate 4.1% Vs 4.1% Forecast, Prior 4.1%
Will gold shine again? Societe Generale reinstates bullish stance, Deutsche Bank declares "the cavalry has arrived," and leading asset managers are accelerating position building.
Société Générale has clearly reinstated its long position on gold, arguing that the impact of hawkish policies has been priced in and current downside risks are limited. Deutsche Bank confirms that a turning point for institutional capital has arrived, with hedge funds, asset managers, and banks successively increasing their purchases, although positions remain at low levels. Leading asset management firms such as Amundi, Robeco, and Fidelity have increased their gold holdings during the pullback, while structural factors like central bank gold purchases and de-dollarization provide foundational support for gold prices.
dbMetals: All-Metal Flow Report: The Cavalry Has Arrived
Key Takeaways: The gold market is receiving support from "cavalry" inflows, with discretionary capital beginning to dominate demand. Spot gold flows have reversed course following sustained liquidation during the late-summer rally. Non-commercial investors (primarily hedge funds, asset managers, and banks) have now assumed the primary buying role, indicating robust demand for physical gold at these levels. This suggests that, despite signs of financial repression, discretionary investors remain underweight in spot, futures, and ETF positions. CTA strategies face two-way risk around key price levels.
The Fed’s “Megaphone”: Waller’s Stance Shifts Quietly! Leans Toward Holding Steady in September, but Next Week’s CPI Remains a “Critical Threshold”
Timiraos noted that Governor Waller’s policy stance is shifting from cautious hawkishness to an optimistic wait-and-see approach, while emphasizing that this does not constitute a fundamental reversal of his position. The August inflation data, to be released in two weeks, remains a key variable in determining whether interest rates will be raised at the September meeting.
US Market Support and Resistance Update on September 3: Support and Resistance Levels for 18 Instruments (Gold, Silver, Platinum, Palladium, Crude Oil, Natural Gas, Copper, and Top 10 Currency Pairs)
Overview of support and resistance levels for gold, silver, platinum, palladium, crude oil, natural gas, and copper (commodities), as well as the U.S. Dollar Index, euro, British pound, Japanese yen, Swiss franc, Australian dollar, Canadian dollar, and New Zealand dollar (major currency pairs), updated on September 3 for the U.S. market.
Gold bulls gather momentum! Goldman Sachs sets year-end target of $4,900, with central bank demand as key support
① Goldman Sachs Research's latest forecast projects that gold prices will rise to $4,900 per ounce by the end of 2026, driven by robust demand from central banks seeking to diversify their foreign exchange reserves; ② Meanwhile, the firm warns that investors' use of gold derivatives for hedging could exacerbate price volatility.
The gold bull market is not yet over: UBS Group states that three major structural forces continue to drive up gold prices
UBS Group believes that the traditional pricing relationship between gold and real interest rates has shifted following the freezing of Russia's foreign exchange reserves. Coupled with sustained central bank accumulation, the diminishing effectiveness of equities and bonds as safe-haven assets, and rising U.S. fiscal pressures, gold still has room for further upside.
The yen surged suddenly amid renewed rumors of Japanese intervention, prompting a rebound in gold and silver prices.
The yen strengthened sharply on Wednesday, while the U.S. Dollar Index recorded its largest intraday decline since August 21, with spot gold approaching $4,400. Rumors circulated that Japanese authorities had intervened again, but traders viewed the magnitude of the gain as insufficient to confirm intervention.
US Market Update on September 2: Support and Resistance Levels for 18 Instruments (Gold, Silver, Platinum, Palladium, Crude Oil, Natural Gas, Copper, and Ten Major Currency Pairs)
Overview of support and resistance levels for gold, silver, platinum, palladium, crude oil, natural gas, and copper (commodities), as well as the US Dollar Index, euro, British pound, Japanese yen, Swiss franc, Australian dollar, Canadian dollar, and New Zealand dollar (major currency pairs), updated in the US market on September 2.
“Small Non-Farm” Misses Expectations! U.S. ADP Employment Rose by 38,000 in August, Marking the Lowest Monthly Gain This Year
The U.S. labor market continues to cool, with ADP reporting only 37,000 new private-sector jobs in August—the lowest level since January this year—while wage growth also weakened. The soft data led markets to lower expectations for Friday’s non-farm payrolls report and reignited debate over the Federal Reserve’s policy path, shifting focus to the trade-off between employment objectives and inflation control.
Gold selling pressure is nearing exhaustion! Deutsche Bank: Even a hawkish Federal Reserve struggles to curb the strength of precious metals, with the next rally potentially driven by proactive capital inflows.
The gold market is standing at a critical turning point.