Overnight, spot gold in London closed higher, dipping to a low before rebounding during the session and briefly climbing above $4,180 at one point; COMEX New York December gold futures rose more than 1%, with the rebound weaker than London gold. SHFE Shanghai gold's main contract rose in tandem during the night session, gaining about 0.80%, opening slightly higher before grinding upward. The short-term move is a rebound after an oversold drop, a technical repair; long-end US Treasury yields spiked and then retreated, oil prices pulled back, and the upward pressure on real interest rates eased briefly, supporting gold prices. Taking into account the release of multiple data points during the holiday including nonfarm payrolls, speeches by Federal Reserve officials, the evolution of the geopolitical situation, and oil price disturbances, investors are advised to hold light positions or stay in cash over the holiday.

US August JOLTS job openings fell to 7.079 million, below the expected 7.228 million, the lowest in five months and the third consecutive month of missing expectations; the September consumer confidence index also fell to its lowest since 2014. New York Fed President Williams said another rate hike is possible later in the year but there is no need to act hastily, and several officials reiterated a tightening stance the same day, with market pricing for an October rate hike falling back. On the geopolitical front, although the US and Iran have publicly expressed differences, the two sides continue to exchange information through mediators such as Qatar, and negotiations have not been interrupted; reports say progress has been minimal and neither side is willing to concede. Precious metals are once again showing sensitivity to the "inflation-interest rate" transmission chain, so during the National Day holiday investors need to watch whether the US government will again push for de-escalation in US-Iran geopolitical tensions in order to stabilize oil prices, curb the rise in long-term bond yields, and steady the stock market.

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