Gold Prices Fall Again, Trapped at US$4,400

Jakarta, CNBC Indonesia — Gold prices weakened under pressure from rising expectations of a US Federal Reserve rate hike following stronger-than-expected American employment data.

According to Refinitiv, gold closed at US$4,404.67 per troy ounce in Monday’s trading (7/9/2026), down 0.52%.

The decline brought gold prices down 1.5% over two consecutive days.

As of Tuesday (8/9/2026) at 07.04 WIB, gold had risen 0.4% to US$4,421.40 per troy ounce.

Saxo Bank’s Head of Commodity Strategy, Ole Hansen, said gold and silver were moving in the opposite direction to energy prices, which strengthened expectations of a Fed rate hike on 16 September.

“Gold and silver are moving counter to energy prices and continuing their decline after Friday’s strong US jobs report pushed bond yields higher and reinforced expectations of a Fed rate hike on 16 September,” said Hansen, quoted from Refinitiv.

“Gold is attracting buying interest below US$4,400. Key support sits at around US$4,320, while selling pressure continues to emerge above US$4,500,” he added.

Markets are now awaiting US inflation data, namely the Producer Price Index (PPI) on Thursday and the Consumer Price Index (CPI) on Friday, as clues to the direction of the Fed’s monetary policy.

Earlier employment data showed US job growth rose sharply in August, while the unemployment rate held at 4.1%.

Based on the CME FedWatch Tool, market participants now see around a 60% chance of a rate hike, up from 50% before the jobs data was released.

Higher interest rates tend to weigh on gold because the precious metal yields no return.

Meanwhile, oil prices rising again due to escalating tensions in the Middle East have also kept inflation concerns alive. US President Donald Trump has once again urged the Fed to cut interest rates.