Gold Prices Suddenly Surge, Up 2% This Morning to US$4,800
Gold prices have suddenly surged, jumping 2% to US$4,800 this morning.
Jakarta, CNBC Indonesia – along with the release of the Federal Open Market Committee (FOMC) minutes.
According to Refinitiv, gold prices stood at US$4,702.50 per troy ounce at the close of trading on Tuesday (7 April 2026). The price soared 1.2%.
This increase broke the negative trend that had plunged 2.3% over the previous two days.
Gold prices immediately skyrocketed today. On Wednesday (8 April 2026) at 06:26 WIB, gold prices surged 2.3% to touch US$4,809.65 per troy ounce. Gold has finally returned to the US$4,800 per troy ounce level for the first time since 18 March 2026.
The weakening of the US dollar has become one of the supports for gold. The dollar index finally weakened to 99.86 after previously hovering at 99.9.
“The gold market is currently tending towards stagnation ahead of the deadline at 20:00 Eastern Time set by the US government. The market is ‘waiting’ because traders want to see what will happen, given that this event could have a significant impact,” said Jim Wyckoff, senior analyst at Kitco Metals, to Reuters.
Attacks on Iran have intensified throughout the day, but Iran shows no signs of accepting Trump’s ultimatum to open the Strait of Hormuz by the end of Tuesday. The US President even stated that “one civilisation will die tonight” if Tehran does not reach an agreement in the final minutes.
“Gold traders are now more focused on central bank interest rate policies than on geopolitics. If major economies delay interest rate cuts, it means demand for gold could decrease,” Wyckoff added.
Spot gold prices have fallen around 11% since the Iran war began.
Oil prices have surged since the Iran conflict worsened supply concerns. Rising energy costs are driving inflation, leaving central banks with limited room to lower interest rates.
Although gold is known as a hedge against inflation, its attractiveness diminishes in a high-interest-rate environment because it offers no yield.
Market participants are also awaiting the Federal Reserve’s March meeting minutes, to be released on Wednesday US time or early Thursday Indonesian time, as well as US Personal Consumption Expenditures (PCE) data (Thursday) and US Consumer Price Index (CPI) inflation (Friday).
These data will determine the direction of interest rate policies and the subsequent movement of gold.