Gold Price Rises to $4,421 as Investors Weigh Rate Hike and Geopolitics
The gold price in the United States has seen a modest recovery on September 9, 2026, following two consecutive sessions of decline. The spot price for 24-karat (999 fine) gold is now $4,421.00 per troy ounce, up approximately $22 from the previous close. This increase comes as investors are torn between the potential for a Federal Reserve rate hike on September 16 and the ongoing geopolitical tensions in the Strait of Hormuz.
The jobs report released last Friday exceeded estimates by three times the forecast, shifting the probability of a rate increase to around 60 percent. However, the rising crude oil prices and Hormuz uncertainty are generating safe-haven demand that has underpinned gold since July. Goldman Sachs maintains its bullish target at $4,600 per ounce through year-end 2026, citing the structural safe-haven floor provided by the Hormuz disruption.
JPMorgan Global Research is more aggressive in its forecast, predicting an average price of $6,000 per ounce in the final quarter of 2026. The central bank accumulation and ongoing geopolitical tensions are seen as key drivers of gold prices in the coming weeks. While a rate hike on September 16 would likely compress real yields and weigh on prices, it's unclear what language will accompany the decision.