Gold Softens on Oil Spike and Fed Jitters, but Goldman Sachs Says the Bull Run Isn’t Over

Gold prices traded slightly lower on September 8, with spot bullion hovering around $4,390 an ounce. The metal has come under pressure as surging oil prices stoke fresh inflation concerns and push the U.S. 10‑year Treasury yield toward 4.8%, raising the opportunity cost of holding non‑yielding assets like gold. After a stronger‑than‑expected U.S. payrolls report, futures markets now assign roughly a 60% probability to a Federal Reserve rate hike at the September meeting, making this week’s PPI and CPI releases critical for the policy outlook.

Yet not everyone views the recent softness as the end of the bull market. Anthony Kim, global head of metals trading at Goldman Sachs, argues that gold’s underperformance since February is best seen as a pause within a broader uptrend. He expects the metal to set new all‑time highs over the medium term and recommends investors gradually scale into long positions ahead of the upcoming FOMC decision, rather than trying to time a precise bottom.

Goldman’s research points to sustained central‑bank buying and robust investment demand as key drivers that could eventually lift prices beyond their existing 2026 forecast of $4,900 per ounce. For long‑term, diversified investors, the current pullback may therefore represent an opportunity, albeit one that comes with elevated short‑term sensitivity to interest‑rate and inflation headlines.