Gold Falls to $4,408-$4,470 Range as Strong Jobs Data Revives Rate-Hike Expectations

Gold traded in the $4,408 to $4,470 per ounce range on September 4, down from Thursday's level of $4,479-$4,489, as the stronger-than-expected August jobs report revived Federal Reserve rate-hike expectations and reduced safe-haven demand. CNBC reported gold's spot price at $4,402.89 per ounce as of 9:00 a.m. Eastern Time, down from $4,489.80 at the same time Thursday. Trading Economics quoted gold at $4,470.66, down 0.07 percent from the previous day, while Fortune cited $4,371 at 9 a.m. Eastern, marking a $120 decrease from the same time yesterday. The pullback followed two consecutive sessions of gains after Fed Governor Christopher Waller's dovish comments on September 3 led markets to scale back expectations for a September rate hike from about 63 percent to roughly 50 percent. Traders had seen the potential for rates to remain unchanged if price pressures continue to ease, supporting bullion. However, the August jobs report showing 162,000 new payrolls against consensus of 55,000 reversed that dynamic, pushing rate-hike odds back over 50 percent and putting downward pressure on non-yielding gold. Gold remains up 24.44 percent compared to the same time last year and has risen 5.26 percent over the past month. The metal peaked at $5,597.23 on January 29, 2026, driven by central bank buying, persistent global inflation, and a debasement trade as mine production remains flat at 1-2 percent growth. The next key drivers will be Friday's payrolls data follow-up and next week's inflation data, which will determine whether the Fed proceeds with a September rate increase or holds steady as Waller suggested.