Due to the U.S. holiday, trading activity was relatively thin during last night’s U.S. session. Spot gold rebounded from an intraday low of $4380.73 per ounce and closed at $4404.78 per ounce, down 0.58%. Spot silver finished at $66.069 per ounce, a drop of 0.05%.

In today’s (Tuesday) ASIan session, spot gold opened at $4412.26 per ounce with an intraday low of $4406.07 per ounce. Gold trended higher during early ASIan trade and peaked at $4440.53 per ounce. At press time, gold is oscillating near $4436.

The U.S. Dollar Index traded narrowly near its overnight low and closed at 98.92, down 0.24%. The 2‑year U.S. Treasury yield stands at 4.373%, the 10‑year yield at 4.803%, and the 30‑year yield at 5.244%.

WTI and Brent crude advanced overnight. WTI crude closed at $92.75 per barrel, up 1.57%. Brent crude settled at $97.38 per barrel, gaining 1.54%. U.S. natural gas CFD closed at $2.966 per MMBtu, up 1.022%.

U.S. stock markets were closed for Labor Day. Major European equity indexes closed mixed. Germany’s DAX30 fell 0.13% to 26014.39; UK FTSE 100 declined 0.08% to 10822.22; France CAC40 rose 0.33% to 8306.15; Euro Stoxx 50 added 0.17% to 6403.85; Spain IBEX35 slipped 0.17% to 20017.35; Italy FTSE MIB climbed 0.28% to 52244.50.

Yesterday, Shanghai Gold Exchange Au(T+D) closed up 0.09% at 951.3 yuan per gram; Ag(T+D) closed 0.63% higher at 16091.0 yuan per kilogram. In early trade today, Au(T+D) opened 0.53% higher at 955.54 yuan per gram; Ag(T+D) rose 1.41% to 16217.0 yuan per kilogram.

Holdings of SPDR Gold Trust, the world’s largest gold ETF, remained unchanged at 1052.056 tonnes. Holdings of iShares Silver Trust, the world’s largest silver ETF, stood flat at 15339.36 tonnes.

Today’s RMB central parity rates: USD‑CNY 6.7804 (+9 pips); EUR‑CNY 7.8419 (+82 pips); HKD‑CNY 0.86482 (+1.7 pips); GBP‑CNY 9.1349 (+191 pips); AUD‑CNY 4.8616 (+77 pips); CAD‑CNY 4.8809 (+96 pips); 100JPY‑CNY 4.3706 (+608 pips); CNY‑RUB 12.8098 (+169 pips); NZD‑CNY 3.9634 (-4 pips); CNY‑MYR 0.5985 (-0.3 pips); CHF‑CNY 8.3418 (+89 pips); SGD‑CNY 5.3287 (+56 pips).

Over the past decade, the U.S. dollar’s share of global official foreign‑exchange reserves has dropped notably from 64% to 56% last year. IMF data from January this year shows the dollar share held in foreign central‑bank vaults hit its lowest level since 1995. These figures are widely cited as solid evidence for a sweeping global de‑dollarization drive.

However, a recent research report from the New York Fed points out that the falling dollar share in reserve assets does not stem from broad‑based global portfolio reallocation. Instead, it reflects position adjustments concentrated among a small group of reserve managers.

On geopolitical developments, the U.S.‑Canada trade war escalates. Canada plans to impose retaliatory tariffs ranging from 15% to 50% on hundreds of U.S. products to force Washington back to the negotiating table. Trump threatened to block Bombardier sales in the U.S. and hinted at further possible measures.

During her visit to Greenland, an autonomous territory of Denmark, European Commission President von der Leyen signed a joint statement with Denmark on EU‑Greenland relations. The EU will deepen cooperation with Greenland, lifting financial support to around 530 million euros for the upcoming budget cycle through 2034.

Reports state Iran’s Ministry of Economic Affairs has set up an “Economic War Headquarters”. Its core mandate is to identify problems and operational obstacles stemming from conflict, devise actionable solutions, and strengthen coordination across multi‑agency efforts.

Iranian intelligence services announced last night they had dismantled three terrorist and extremist cells linked to the U.S. and Israel, which sought to stir unrest in southern Iran and undermine regional peace and public security.

An Iranian foreign‑ministry spokesperson said negotiations between Iran and Oman over shipping governance in the Strait of Hormuz have been underway for weeks. The two sides aim to reach a memorandum covering temporary safe‑transit arrangements for this critical global energy supply chokepoint, to be filed with the International Maritime Organization. Iran further warned the U.S. that Gulf energy assets remain vulnerable.

Ukrainian President Zelensky stated the U.S. is exploring de‑escalation steps for Russia‑Ukraine relations before and during winter, alongside efforts to restart broader peace talks. He also confirmed Ukraine struck Russian oil‑refining facilities in Yaroslavl, Perm and Tatarstan regions.

Russia’s Foreign Ministry closed the German Consulate General in Saint Petersburg. Saudi Aramco facilities suffered another attack; Houthi forces have not yet claimed responsibility. Iran unveiled a new missile, touting improved accuracy and range, marking its shift “from passive deterrence toward active deterrence”.

On the daily chart, gold has posted two consecutive down days, facing resistance near the 10‑day and 20‑day moving averages while finding support around the 100‑day moving average. Gold is consolidating above the 5‑day moving average. Daily indicators show shrinking positive MACD histogram, and the RSI hovers near the 52 level.

On the 1‑hour chart, BOLLinger Bands are contracting, with gold consolidating between the middle and upper bands. Short‑term EMA5 and EMA10 show a bullish alignment. MACD positive momentum bars sit close to the zero line, and RSI has rebounded to near 56. For intraday trading, expect consolidation within $4400‑4445. A breakout higher targets $4455‑4465 or near $4480; a breakdown lower targets $4392‑4380 or near $4365.

Key economic data and events to watch today:

14:00 Germany July seasonally adjusted trade balance

14:45 France July trade balance

18:00 U.S. August NFIB Small Business Optimism Index

23:00 U.S. August NY Fed 1‑Year Inflation Expectations

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