Nonfarm payroll data exceeds expectations, putting short-term pressure and volatility on international gold prices

⑴ The US August non-farm employment data greatly exceeded expectations, indicating strong resilience in the job market. The probability of a Federal Reserve rate hike in September has risen to 59%-60%, putting gold prices under pressure to decline. ⑵ International spot gold and December gold futures both fell by 0.7%, while spot silver weakened slightly, reducing the appeal of holding non-interest-bearing precious metals. ⑶ Geopolitical conflicts and high oil prices provide safe-haven support, with the overall upward trend in gold prices remaining unbroken. The recent decline is only a short-term technical correction. ⑷ Markets are mainly awaiting this week's US inflation data, which will directly determine the Federal Reserve's policy direction at its September 16 meeting. ⑸ Institutions have outlined key gold price ranges, with upper resistance at $4,490-$4,535 and core support at $4,330.