05/09/2026
Weekly digest: Volatile week for gold as oil makes strong gains
⬇️
1/8🛢️ Oil jumps. Brent futures rose to around $95 a barrel this week – a gain of 6.6% – as the US and Iran once again traded attacks. In Europe, diesel and petrol now cost more than $350 a barrel, while prices in the US stand at more than $150. (Bloomberg)
2/8🪙 Gold rebounds. Gold steadied on Friday morning at $4,483/ounce. After dropping on Wednesday, prices rallied Thursday following news that Fed Governor Christopher Waller may be in favour of holding rates steady. With jobs data due though, more volatility could be on the cards.
3/8📋 Jobs report due. US stocks were steady while Treasuries edged higher as traders awaited Friday’s US Labor Department jobs report, to see if it held any clues on whether the Fed will delay a September rate hike. (Bloomberg)
4/8🏦 Rate hike bets rise. In last week’s Jackson Hole speech, Fed Chair Kevin Warsh confirmed his commitment to the 2% inflation target, saying that the policy rate will be the most effective tool to realise that goal. Midweek, economists at Barclays, Société Générale and Deutsche Bank were pencilling hikes in September and December. (Reuters)
5/8📈 Crisis fears lift yields. Global bond yields surged this week, as Middle East tensions revived inflation and energy fears, pushing Japan and UK yields to multi-decade highs. Meanwhile, the Dutch central bank moved 86 tonnes of gold from North America to London in a ‘crisis preparedness’ move. (CNBC)
6/8📉 Inflation trending down. Fed Bank of New York President John Williams said this week that there are signs of inflation easing, as “some of the effects of the tariffs move into the rearview mirror,” while energy price hikes aren’t spreading to other services. (Bloomberg)
7/8🔥 European gas hits three-year high: Natural gas prices surged as renewed Middle East fighting raised supply concerns, with European inventories only around 65% full ahead of winter. (Bloomberg)
8/8☢️ Iran nuclear vote approaches: Iran and the US traded further attacks as the UN prepares for a 17 September vote on renewing oversight of nuclear sanctions, a move opposed by both Russia and China. (Reuters)