US Gold Price Today, September 8, 2026: 24K Falls to $140.75/g on Fed Rate-Hike Bets

NEW YORK — Gold traders opened the week with a two-week low on their screens and a Federal Reserve rate-hike probability ticking toward two-thirds, as the fallout from Chair Kevin Warsh’s hawkish remarks at Jackson Hole continued to reshape expectations for September’s policy decision.

Comex spot gold settled at $4,377.84 per troy ounce on September 8, 2026, down $71.23 from Friday’s close. The decline extended a selloff that began last Friday when Warsh, speaking at the Federal Reserve Bank of Kansas City’s annual symposium in Wyoming, signaled the central bank’s tightening cycle was not finished. For US buyers and investors, the day’s rates by purity grade:

Fed funds futures now reflect a 66% probability of a 25-basis-point rate increase at the September 16 FOMC meeting, up sharply from below 40% a week earlier. The US dollar index climbed to 99.59 on Monday, amplifying the pressure on gold, which is priced in greenbacks and typically moves inversely with the currency. Warsh’s Jackson Hole message drew comparisons in the market to the hawkish pivot that preceded the Fed’s 2022 tightening cycle, though several analysts cautioned against reading too much into one speech before the next round of hard economic data arrives later this week.

The September pullback brings gold’s retreat from its August peak to roughly 1.6%, modest by historical measures but enough to break a support level traders had watched since mid-July. The metal still trades up roughly 22% year to date, sustained by relentless central-bank buying and haven demand tied to geopolitical risks in the Middle East and Eastern Europe. The structural bid is intact; the question is whether a rate hike confirmation on September 16 temporarily overwhelms it.

Goldman Sachs maintained a 12-month gold price target of $4,600 per ounce in a note circulated last week, citing sustained central-bank accumulation and structural haven demand as the two forces limiting any sustained downside. The bank’s commodities desk acknowledged that a confirmed September hike would compress the near-term range to between $4,200 and $4,400 per ounce. JPMorgan’s metals analysts have flagged $4,350 as the critical support level, warning that a sustained close below it would open the path toward $4,250.

Physical demand from India and China has provided ballast. India’s jewellery-buying season is building ahead of Diwali, and retail demand in China has stayed firm amid ongoing anxiety over domestic property markets. The World Gold Council’s most recent quarterly data shows central banks globally added 290 metric tons in the second quarter of 2026, sustaining a pace of accumulation that has anchored the price floor for more than two years. Whether that structural support can absorb a September rate-hike shock remains the central debate in gold markets right now.

Silver followed gold lower on Monday. Spot silver dropped 1.4% to $38.60 per troy ounce on the Comex, widening the gold-silver ratio to 113.4, near its highest in six months. Some analysts read that ratio as signaling silver is undervalued relative to gold on a historical basis. The same monetary-policy headwinds that suppress bullion also weigh on silver through the industrial-metal channel, however, making the historical relationship less actionable in a rate-hike environment.

Is gold a good buy in the US today, September 8?

Near-term, the path of least resistance is lower if the Fed raises rates on September 16. The 66% probability already priced into futures means gold could fall further on confirmation. For longer-term buyers, Goldman Sachs and JPMorgan both maintain bullish 12-month targets above $4,500 per ounce, anchored in central-bank demand and structural haven considerations that rate moves alone have historically not reversed.

What drove gold lower on September 8, 2026?

Federal Reserve Chair Kevin Warsh’s remarks at the Jackson Hole symposium reignited rate-hike expectations, pushing the September FOMC probability to 66% and lifting the US dollar index to 99.59. Gold, priced in dollars, typically falls when the dollar strengthens and when rising interest rates raise the opportunity cost of holding a non-yielding asset.

What does a September Fed rate hike mean for gold prices?

A rate hike raises the effective return on cash and dollar-denominated bonds. Gold pays no interest or dividend, making it comparatively less attractive to portfolio investors during rising-rate environments. Historically, gold has fallen 2 to 4% in the month following a late-cycle rate hike before recovering as structural demand reasserts itself. The current bank consensus treats any rate-hike dip as temporary.

How does the US gold price compare globally on September 8, 2026?

The Comex spot price of $4,377.84 per ounce translates to approximately £3,235.91 in London and €3,950.17 across the Euro zone on the same date. Dubai gold settled near AED 16,071 per ounce. The dollar’s moderate strength on Monday slightly widened the gap between the US dollar price and its GBP or EUR equivalents compared with the prior week.

The next catalysts for gold arrive on Friday with the US producer price index and the University of Michigan’s preliminary consumer sentiment survey for September. Both will calibrate the market’s September FOMC read in real time. The Fed’s decision on September 16 is now the single most consequential near-term event for gold markets globally, with the outcome likely to set the metal’s trajectory for the remainder of the fourth quarter.

For gold rates in India on September 8, 2026, see the India gold rate for September 8. For UK gold prices on the same date, see the UK gold price for September 8.