Gold Hits Nine-Week High, Breaches US$4,400 as Dealers Succumb to FOMO
Gold prices climbed to their highest level in nine weeks, propelled by bullish momentum and investor fears of missing out on further gains. Investors are now awaiting US inflation data to gauge the Federal Reserve’s next policy move.
On Friday, gold closed at US$4,388.5 per troy ounce, surging 1.08%. That closing level was the highest since 4 June 2026, or more than nine weeks ago.
Yesterday’s close also extended gold’s positive trend, with the metal strengthening 3.52% over the past two days.
Gold continued to strengthen today. On Tuesday (11/8/2026) at 06:44 WIB, gold rose 0.22% to US$4,398.09 per troy ounce. The price even briefly touched US$4,400 at 06:01 WIB on Tuesday.
StoneX analyst Bob Haberkorn said gold’s technical momentum remains very strong. Chinese gold purchases, the release of US inflation and producer price index (PPI) data, and FOMO over the chance of prices breaking through US$4,500 are all supporting the metal.
“Gold’s technical momentum is currently quite strong overall,” said Bob Haberkorn, senior market strategist at StoneX, as quoted by Refinitiv.
“Trading remains cautious, with China continuing to buy gold and investors awaiting the July CPI and PPI reports due this week. There is a kind of FOMO if prices break through US$4,500 for now,” he added.
China’s central bank also increased its gold purchases in July, adding the largest amount of gold reserves since October 2023.
Investors are now awaiting US inflation data on Wednesday and PPI data on Thursday. Economists surveyed by Reuters expect July CPI inflation to reach 3.4% year-on-year, down from 3.5% in June.
Inflation data is important because it can determine the direction of the Federal Reserve’s interest rate policy. Based on CME FedWatch, the market currently sees a 52% chance of a rate hike in September and 81% in December.
Gold typically becomes less attractive when interest rates are high because the metal does not offer a yield.
Elsewhere, Iran said it is close to reaching a final agreement with Oman on a new shipping route through the Strait of Hormuz, but reiterated that the US must meet several demands before the strategic passage is reopened.