Gold Price Today: Gold Holds Near $4,500 Ahead of US Jobs Report

Key Takeaways

• Spot gold traded at approximately $4,475.75 per ounce during early trading on September 4, 2026, after gaining 2% on Thursday.
• A weaker US dollar and falling Treasury yields supported gold as expectations for a September Federal Reserve rate hike eased.
• The August US employment report could trigger renewed volatility in XAU/USD and interest-rate expectations.

Gold Price Holds After Two-Day Recovery

Gold prices were steady on Friday, September 4, after recovering for two consecutive sessions as investors awaited the latest US employment data.

Spot gold traded at approximately $4,475.75 per ounce at 00:40 GMT, while December US gold futures stood near $4,522.60. Bullion was heading towards a modest weekly gain following a 2% advance on Thursday.

The rebound brought gold back towards the psychologically important $4,500 level after prices had previously fallen to a more than three-week low. The earlier pullback was driven by rising Treasury yields and concerns that persistent inflation could force the Federal Reserve to increase interest rates.

Gold does not provide interest income, so higher bond yields can reduce its relative appeal. Falling yields generally create a more supportive environment for the precious metal.

Fed Rate-Hike Expectations Ease

Gold’s recovery accelerated after Federal Reserve Governor Christopher Waller indicated that he could support keeping interest rates unchanged at the September 15–16 meeting if incoming data confirm that inflation is moderating.

Waller said inflation remained meaningfully above the Fed’s 2% target but noted that recent figures showed signs of disinflation. He also said a stronger-than-expected August inflation reading could still justify a rate increase.

The comments reduced the market-implied probability of a September rate hike to approximately 50%, down from around 63% a day earlier. The shift pushed the US dollar and Treasury yields lower, helping gold recover from its recent losses.

The benchmark US 10-year Treasury yield ended Thursday near 4.76%, retreating after approaching three-year highs earlier in the week.

US Jobs Report Becomes the Next Catalyst

Attention now turns to the August US Employment Situation report, scheduled for release at 8:30 a.m. ET on September 4.

Payroll growth, unemployment and average hourly earnings could influence expectations for the Fed’s September decision.

A weaker employment report could reinforce expectations that the Fed will leave rates unchanged. This scenario may place additional pressure on the dollar and Treasury yields, potentially supporting gold.

Stronger payroll growth or unexpectedly high wage inflation could revive rate-hike expectations. Higher yields and a firmer dollar would likely create renewed pressure on XAU/USD.

The employment report will be followed by August inflation data next week, which Waller identified as particularly important for his policy decision.

Oil Prices and Geopolitical Risks Remain in Focus

Gold is also receiving support from continued geopolitical uncertainty in the Middle East. Concerns surrounding regional hostilities and shipping through the Strait of Hormuz have kept demand for defensive assets elevated.

However, higher oil prices present a mixed backdrop for bullion. Rising energy costs can strengthen gold’s appeal as an inflation hedge, but they can also encourage tighter monetary policy and push bond yields higher.

This tension between safe-haven demand and higher interest-rate expectations is likely to remain an important driver of gold prices.

Gold Price Levels to Watch

The $4,500 area is the immediate resistance level for spot gold. A sustained move above this threshold could bring the $4,525 region into focus.

Initial support is visible around $4,450, followed by the psychologically important $4,400 level. A break below $4,400 could expose the recent low near $4,375.

Near-term direction is likely to depend on how the US jobs report changes expectations for interest rates, Treasury yields and the US dollar.