Gold Prices Surge to Near $4,500 as Central Banks Boost Demand

The price of gold is fluctuating on September 4, 2026, with different brands showing mixed increases and decreases. World gold prices surged 2.2% to near $4,500 per ounce, driven by softer signals from the labor market, falling Treasury yields, and a less hawkish stance from US Federal Reserve officials. According to Goldman Sachs Research, gold prices will continue to rise in the second half of 2026, reaching $4,900 per ounce, driven by strong demand from central banks diversifying their foreign exchange reserves.

The current rally follows a sharp sell-off in gold prices driven by rising yields. The precious metal has recovered from the $4,301/ounce range and is now approaching the $4,422-$4,465/ounce resistance zone, according to the latest technical analysis. However, the recovery of the precious metals market remains highly dependent on upcoming economic data releases.

A weaker US dollar and falling bond yields are creating favorable conditions for gold prices, but this trend could face pressure if US service sector activity shows greater-than-expected strength, employment figures exceed expectations, or oil prices continue to rise, thereby pushing inflation expectations higher.