Welcome to the Kanz Al-Hayat wholesale gold report for Friday September 4, 2026, serving jewellers, traders, and bullion buyers across Iraq. The week’s decisive event has spoken, and honestly reported: it went against gold. August US payrolls surged 162,000 — nearly triple forecasts — and June-July revisions erased the job losses that anchored the entire August rally. Gold fell as much as 2% to $4,376 before steadying near $4,390. September hike odds now sit at 52–59%. This brief covers what changed, what held, and how the Iraqi trade should position into next week’s CPI — now the true final verdict before the September 15–16 Fed meeting.
Wholesale reference prices (indicative basis):
Gold spot: ~$4,390/oz | 24K: ~$141.15/gram | 22K: ~$129.40/gram | 21K: ~$123.50/gram | 18K: ~$105.85/gram | 1 kg bar: ~$141,150
Silver: ~$64.80 (-1.5%) | 2-yr UST: 4.38% | DXY: ~99.2 | Week range: $4,282–$4,500
Wholesale premiums apply and vary with quantity, form, and Baghdad market conditions. Confirm live pricing before transacting.
What changed: The July “-23,000” that justified the no-hike thesis is now officially “+21,000” — the labor-shrinkage pillar is gone. Wages, however, ran tame (+3.1% YoY), the initial 2% drop was partly bought back within hours, and odds settled only slightly hike-favoring rather than decisively. The Fed itself is split — Warsh hawkish, Waller and Williams openly patient and pointing to inflation data. Result: next week’s CPI is the genuine decider. Cool CPI likely takes September off the table and restores the rally; hot CPI likely confirms a hike and opens $4,282/$4,223.
What held: The Treasury buyback program, central-bank accumulation, the shut strait (Vance offering no conflict-end timeline), and physical demand at the lows — the week’s $4,282 floor attracted immediate buying, and today’s post-data flush found support above it.
Guidance for Iraqi wholesale buyers: The restocking done Wednesday near $4,325 is already sensible inventory; today’s $4,390 sits mid-range — neither chase nor panic territory. Hold reserve tranches for $4,320/$4,282 into CPI week; a cool CPI print would be the signal to complete autumn programs quickly, as $4,500+ would likely return fast. Reprice boards to ~$141/gram today; wedding-season traffic at these gram levels remains strong — the retail counter does not wait for the Fed. Manage CPI week as event risk: half-sizes, dated quotes, and confirmed freight/insurance on Gulf routes while the conflict timeline stays open.
Outlook: Support $4,376, $4,320, $4,282, $4,223; resistance $4,470, $4,500, $4,526 (200-day). Base case: $4,320–$4,500 consolidation into CPI, which resolves it. The structural regime remains; the cyclical verdict now belongs to one inflation print.
Kanz Al-Hayat serves Iraq’s gold trade with timely intelligence and competitive wholesale pricing. Contact us for live quotes and bar availability.
Wholesale reference: ~$4,390/oz | 24K — $141.15/gram | 22K — $129.40/gram | 21K — $123.50/gram
All prices USD, indicative wholesale basis. Premiums apply. Confirm live pricing before transacting.
