According to Chaoxiang Research, a Goldman Sachs report dated September 7, 2026, noted that U.S. non-farm payroll employment increased by 162,000 in August, with the unemployment rate holding steady at 4.1%, raising market expectations for a September rate hike. Commodities led cross-asset performance over the past three months, with European natural gas posting the strongest gains amid tensions in the Strait of Hormuz; gold strengthened despite rising real U.S. Treasury yields, prompting Goldman Sachs to upgrade its rating to overweight with a 12-month price target of $5,275 per ounce, implying approximately 19% upside potential. Equity momentum factors experienced a significant pullback, with capital rotating from technology stocks into energy, financials, and healthcare; the S&P 500 traded in a range but showed improved breadth.
Goldman Sachs: U.S. Nonfarm Payrolls Exceed Expectations, Gold Upgraded to Overweight
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Summary
Goldman Sachs reported that U.S. August nonfarm payrolls increased by 162,000, with the unemployment rate at 4.1%, boosting expectations for a September rate hike. Gold reached overweight status with a $5,275 target. Altcoins under observation gained momentum as capital shifted toward energy and financial sectors. The digital asset market remained active amid shifting equity momentum. European natural gas prices rose amid tensions in the Strait of Hormuz.
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