Jolts Job openings and Consumer confidence index
Despite an increase in US job openings, the report still suggested that hiring activities increase slowly amid a decline in the separation rate. This indicates that the business is still reluctant to fill the vacancy position while the employee are less confident in their ability to find a new position.
Overall, this does not guarantee a full assurance of having a healthy labor market. So the market will continue to monitor the further data released, especially when the US consumer confidence dropped in September, raising concerns about the fragile labor market conditions and broader economy.
Military Equipment
Within an hour away, US President Donald Trump also urged the companies to “speed up making military equipment” while also being committed to spending over $1 trillion on the military in 2026, regardless of how he tries to deny the potential use.
This comes when He mentioned that, “recently we were threatened by Russia. I sent a nuclear sub.” which has sparked the rumor of another geopolitical tension coming soon.
Government Shut down
Additionally, fear is also growing as the government shutdown deadline is looming, especially when both parties have not seemed to reach any deal yet. Trump also told the report that, government shutdown is very likely.
Tariff
Meanwhile, Trump also plans to raise the pharma companies by an extra 5%-8% after the last announcement on having 100% tariffs on the pharmaceutical industry, if no deal is reached. This threatened several companies that manufacture outside the US economy. As of now, Pfizer Inc. has agreed to reduce the drug price by up to 85% and sell directly to the American public in exchange for 3 3-year tariff exemption.
So, factors like weak consumer sentiment, geopolitical tensions, government shutdown fear, and the tariff development are causing the gold price to soar last night. Therefore, it is important to continue monitoring the next development—particularly in the government shutdown within a few hours away, if they proceed to shut down, then we are likely to see more layoffs coming, and the gold price will potentially be in favor.
