Gold Price Today: Yellow Metal Rebounds Over 1% As Dollar, US Yields Ease, Jobs Data in Focus

Gold prices rebounded sharply on September 3, 2026, as a weaker dollar and easing US Treasury yields offered support to the precious metal. Investors are now waiting for the US jobs data for clues on the US Federal Reserve’s next move on interest rates.

Gold futures with October expiry on the Multi Commodity Exchange (MCX) were up by as much as 1.21 per cent to Rs 1,54,248 per 10 grams. On the COMEX, US gold futures for October delivery gained as much as 1.61 per cent to $4,451.30 per ounce.

The dollar came under pressure, while US Treasury yields pulled back from multi-year highs. The US Dollar Index, which tracks the greenback against six major currencies, fell 0.37 per cent to 99.18. The benchmark 10-year US Treasury yield eased to 4.76 per cent from 4.81 per cent a day earlier.

A weaker dollar makes gold cheaper for buyers holding other currencies and can support demand for the yellow metal.

Fed Beige Book Flags Weak Hiring, Persistent Price Pressures

The US Fed’s latest Beige Book offered a mixed picture of the US economy. Economic activity increased modestly in recent weeks, but employment “rose very slightly overall”, while wage growth was “modest to moderate in most Districts”.

The report added, “The general outlook for the coming months was positive, but sentiment was mixed across sectors, with contacts reporting heightened uncertainty surrounding the effects of higher energy prices, policy, and international conflict.”

Price pressures remained a concern. The Fed said prices increased moderately in eight districts, while businesses reported higher costs for energy, transportation, and raw materials. Several districts also reported continued tariff-related price pressures.

The jobs report could now provide a clearer signal for gold.

US Jobs Data In Focus

The next major trigger for gold prices is the US non-farm payrolls report due on September 4. The data could influence expectations for the US Fed’s September 15-16 policy meeting, particularly at a time when markets are split over the central bank’s next move. “The US payroll report is a key driver for gold as it influences expectations on US Fed interest rates, bond yields, and the dollar,” said Satish Dondapati, fund manager, ETF, Kotak Mutual Fund.

Dondapati said a weaker-than-expected jobs report could increase expectations of rate cuts, lower bond yields, and also weaken the dollar, all of which would be positive for gold. A stronger jobs report, on the other hand, could put pressure on the precious metal, he added.

For September 4, markets expect around 58,000 new jobs and an unemployment rate of 4.10 per cent, according to Dondapati. The August ADP report showed that private payrolls increased by just 38,000, below expectations, pointing to some weakness in the labour market.

“Overall, a weaker-than-expected payroll number could provide another positive trigger for gold,” Dondapati said.

The ADP National Employment Report showed that US private payrolls increased moderately in August. Investors will now look for confirmation from the government’s employment report.

Expectations of a rate hike have risen in recent days. US Fed Chairman Kevin Warsh said last week that his “predominant focus” was on inflation and indicated that he was open to raising rates if incoming data did not give him confidence that underlying inflation was moving towards the US Fed’s 2 per cent target “clearly and at sufficient speed”,

At the meeting in late-July, the US Fed held its benchmark overnight rate at 3.50-3.75 per cent, unchanged since December 2025. Markets are currently pricing in a 60.20 per cent probability of a rate hike at the September meeting, according to the Chicago Mercantile Exchange’s (CME) FedWatch Tool.