On Friday, September 11, 2026, spot gold was trading around $4,320 per ounce during the early Asian session. Gold prices pulled back on Thursday, mainly due to changes in US inflation data and energy markets. US PPI rose 0.4% month on month in August, with the annual rate increasing to 5.4%, broadly in line with market expectations. However, energy prices and some service costs remained elevated, keeping market attention focused on the inflation outlook. Meanwhile, international oil prices surged more than 7% in a single session, with both major benchmarks moving above the $100 per barrel level. Rising energy costs could place further pressure on future inflation, leaving gold facing some short term pressure.

As today’s session begins, market attention will turn to the US August CPI data, which could further influence expectations for the upcoming interest rate environment. If inflation remains elevated, the US dollar and market rate expectations could receive support, potentially keeping gold range bound in the short term. If the data shows signs of cooling, gold could regain some support. Meanwhile, shipping conditions in the Middle East and Red Sea region remain under close observation. With the weekend approaching, safe haven demand could provide additional support for gold, leaving prices influenced by the balance between inflation concerns and defensive demand.

Market Performance and Fundamental Analysis Across Asset Classes

1. US Stock Market

Index Performance

· Dow Jones Industrial Average (DJI): 52,069.22 points. Down 317.03 points on the day, or 0.61%. The Dow continued its recent corrective trend as the combination of higher energy prices and renewed inflation pressure prompted further repricing of the interest rate outlook, weighing on risk assets.

· S&P 500 Index (SP500): 7,611.97 points. Up 6.55 points on the day, or 0.09%. The index stabilized after a notable decline in the previous session, but remained constrained by elevated energy prices and higher US Treasury yields. The August US PPI annual rate rose to 5.4%, while oil prices moved above $100, increasing expectations that monetary policy could remain relatively restrictive.

· Nasdaq 100 Index (NQ1): 29,100.50 points. Down 34.75 points on the day, or 0.12%. Technology stocks remained relatively cautious. High valuation growth assets are more sensitive to changes in interest rates, and elevated long term Treasury yields continued to limit the index’s upside momentum.

Stock Focus

· Apple (AAPL): $326.57. Up $11.23 on the day, or 3.56%. Apple outperformed other major technology stocks and provided important support for the broader index performance. This suggests that during periods of broader market pressure, investors continue to favor large technology companies with relatively strong earnings visibility.

· Intel (INTC): $100.32. Down $5.92 on the day, or 5.57%. Intel significantly underperformed the broader group of large technology stocks, reflecting greater sensitivity in the pricing of some higher volatility technology assets as interest rates remain elevated and risk appetite becomes more cautious.

2. Foreign Exchange Market

· US Dollar Index (DXY): 99.077. Down 0.015 on the day, or 0.02%. The US Dollar Index remained around 99 and was broadly stable. Following the release of the US PPI data, repricing of expectations for September policy adjustments temporarily pushed the US dollar and Treasury yields higher. However, the dollar did not strengthen significantly at the same time, indicating that markets are still waiting for the latest inflation data to further confirm the interest rate outlook.

· EUR/USD: 1.16128. Up 0.00025 on the day, or 0.02%. The euro edged higher as the dollar’s short term momentum eased. However, rising European energy costs have once again become an important inflation variable. The European Central Bank has also recently adjusted its policy stance, highlighting how major central banks globally are facing renewed pressure on inflation expectations from higher energy prices.

· USD/JPY: 154.545. Up 0.088 on the day, or 0.06%. USD/JPY remained around the 154 level, while the yen continued to face some pressure. The currency pair is being influenced by the US Japan interest rate differential, US rate expectations and expectations surrounding policy adjustments in Japan. Markets remain focused on differences in the future monetary policy paths of the two economies.

3. Precious Metals and Commodities

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· Spot Gold (XAUUSD): $4,324.755 per ounce. Up $7.730 on the day, or 0.18%. Gold stabilized slightly after coming under pressure from inflation data and rising Treasury yields in the previous session. With US PPI rising to 5.4% year on year and energy prices increasing rapidly, markets are reassessing the persistence of inflation and the Federal Reserve’s policy space. Gold is therefore being influenced by both safe haven demand and the pressure from higher real interest rates.

· Spot Silver (XAGUSD): $63.6220 per ounce. Up $0.04150 on the day, or 0.07%. Silver remained within a narrow trading range as the market continued to balance safe haven demand for precious metals against pressure from higher interest rates. Compared with gold, silver is also influenced by expectations for industrial demand, making it more sensitive to changes in global growth and energy costs.

Commodities

· WTI Crude Oil (XTIUSD): $103.20 per barrel. Down $0.93 on the day, or 0.89%. Oil prices remained elevated after breaking above $100 per barrel. The current pullback has not materially changed the core pricing dynamics in the energy market. Recent developments in the Middle East and transportation supply risks have driven a rapid increase in crude prices, while higher energy costs are also feeding into production costs and inflation expectations, becoming an important factor in the repricing of global interest rate markets.

4. Crypto Assets and Macroeconomic Developments

· Bitcoin (BTCUSD): $76,765. Up $237 on the day, or 0.31%. Bitcoin edged higher but remained within a macro environment characterized by continued repricing of risk assets. US inflation, interest rate expectations and dollar liquidity remain important drivers of risk appetite across crypto assets. As a result, Bitcoin continues to show a relatively strong correlation with high beta assets such as technology stocks.

· Ethereum (ETHUSD): $2,449.17. Up $11.81 on the day, or 0.48%. Ethereum slightly outperformed Bitcoin as short term risk appetite showed some recovery, although the broader market remained influenced by interest rate and liquidity expectations. Current crypto price action appears to reflect a partial recovery in risk appetite rather than a complete removal of macro policy uncertainty.

5. Key Events Today

· UK GDP month on month

· Speech by Swiss National Bank Chairman Martin Schlegel

· US Core CPI month on month

· US Core CPI year on year

· US CPI month on month

· US CPI year on year

· Preliminary University of Michigan Consumer Sentiment

· Preliminary University of Michigan Inflation Expectations