Gold Prices Spike 1.1% Ahead of US Jobs Report Amid Slumping Dollar and Yields

Gold prices rose by 1.1% to $4,376.41 per ounce on Wednesday, September 2, 2026, after hitting a near-month low earlier in the day.

The increase occurred as both the US dollar and Treasury yields slipped from their recent highs.

Gary Meger, director of metals trading at High Ridge Futures, attributed the gold price jump to lower yields and a weaker dollar, stating that these drops helped gold recover quickly.

While August's private payroll data missed expectations, investors are now awaiting Friday's nonfarm payroll numbers, with traders currently seeing a 64% chance of an interest rate hike at the central bank's policy meeting this month.