Goldman Sachs: Stronger-than-expected US August nonfarm payrolls dampen rate cut outlook; gold receives an overweight rating

According to Tide Research, a Goldman Sachs research report dated September 7, 2026, indicates that the US added 162,000 nonfarm payrolls in August, with the unemployment rate holding steady at 4.1%, as market expectations for a September rate hike rise. Commodities have led cross-asset performance over the past three months, with European natural gas topping gains amid the situation in the Strait of Hormuz; gold strengthened despite rising real yields on US Treasuries, prompting Goldman Sachs to upgrade its rating to Overweight with a 12-month price target of $5,275 per ounce, implying approximately 19% upside. Equity momentum factors experienced a sharp pullback, with capital rotating from technology stocks into energy, financials, and healthcare, while the S&P 500 traded in a range but showed improving breadth.