Gold Prices Resurrected, Surging Over 1% Overnight

Gold prices rebounded during Wednesday’s trading (2/9/2026), after the US dollar and Treasury yields eased from their recent peaks. Investors are now awaiting US labour market data to determine the direction of the Federal Reserve’s (The Fed) interest rate policy.

According to Refinitiv, gold prices closed at US$ 4,386.29 per troy ounce on Wednesday (2/9/2026), marking a 1.33% surge. This increase provides much-needed relief after gold prices had plummeted by 6% over the previous three consecutive days.

Gold prices stabilised today. As of Thursday (3/9/2026) at 06:41 WIB, gold prices edged down 0.1% to US$ 4,381.59 per troy ounce.

“The rise in gold was supported by the decline in yields, which allowed prices to recover from recent lows,” said David Meger, Director of Metals Trading at High Ridge Futures.

US Treasury yields fell after having recently touched multi-year highs. The US dollar also weakened from its highest level in nearly three weeks.

Meanwhile, US private employment reports indicated that job growth in August was below expectations. However, gold prices remained relatively stable as investors await the non-farm payrolls (NFP) report on Friday.

Market participants currently estimate a 64% probability of a Fed interest rate hike this month, according to the CME FedWatch Tool.