Spot gold (XAUUSD) recovered to around $4,139 in Thursday’s Asian morning after sliding to a two-month low of $4,066 on Wednesday, when the FOMC minutes showed most officials saw one more hike before year-end as appropriate and the US 10-year Treasury yield hit a 24-year high. US jobless claims are due at 12:30 GMT today.
Updated Thu 8 Oct 2026 · 02:58 GMT · Spot gold price as of early Asian trade 8 Oct 2026 (around 02:45 GMT)
Vs Wednesday’s 7 Oct close · On Wednesday gold fell to $4,066, a two-month low, before closing near $4,111 after the FOMC minutes (FXStreet, Trading Economics)
Today’s key gold takeaways
- 1Spot gold recovered to around $4,139 (+0.68%) this morning after touching a two-month low of $4,066 on Wednesday, but it is still down about 5.9% over the month.
- 2The September FOMC minutes said all members backed the last hike and most saw one more before year-end as appropriate. CME FedWatch puts the odds of a December hike at about 78.3%
- 3Resistance $4,200 and the 100-day moving average near $4,267; support at $4,100, $4,066 and $3,996
- 4Today, watch US jobless claims (12:30 GMT), forecast 200K, and the US 30-year bond auction (17:01 GMT).
3 factors driving gold
- FOMCFed minutes signal another hike before year-end
The September FOMC minutes said all members supported the hike, though they differed on whether it was insurance against inflation or the start of a hiking cycle, and most saw one more hike before year-end as appropriate. CME FedWatch mainly prices a hold in October but about a 78.3% chance of a December hike, weighing on non-yielding gold (FXStreet).
- 10YYields at a 24-year high, dollar firm
The US 10-year Treasury yield rose to 5.365%, a 24-year high, before easing to around 5.27%, while the dollar (DXY) gained about 0.40% to around 102.24 on Wednesday. FXStreet saw the strong dollar and high yields as the main pressure that briefly pushed gold below $4,100.
- PBoCPBoC keeps buying gold, cushioning prices
The People’s Bank of China (PBoC) reported a 23rd straight month of gold buying, adding 23 tonnes in September, and gold ETFs kept accumulating. That demand has helped keep gold from testing $4,000, while US-Iran tensions remain a risk markets are watching (FXStreet).
Support and resistance to watch
| $4,267 | R2 | 100-day moving average (SMA); next is the 50-day SMA near $4,331 |
| $4,200 | R1 | Level to reclaim for a recovery |
| $4,139 | NOW | Latest price (Trading Economics, around 02:45 GMT) |
| $4,100 | S1 | First support per analysts |
| $4,066 | S2 | Wednesday 7 Oct low, a two-month low |
| $3,996 | S3 | 29 Jul low |
If it rises / if it falls
Reclaims $4,200
The next levels are the 100-day moving average near $4,267 and the 50-day average near $4,331. Supportive factors would be higher-than-expected jobless claims and a further dip in yields.
Breaks below $4,100 again
Selling could test $4,066, then the psychological $4,000 level and the 29 Jul low near $3,996. Downside risks are more hawkish signals from Fed officials or yields making fresh highs.
Levels as of 7 Oct 2026, based on FXStreet analysis. Not trading advice.
Today’s events that move gold
- US initial jobless claimsForecast 200K vs 197K previously. A lower-than-expected print would signal a firm labor market, supporting the dollar and weighing on gold.HIGH
- US 30-year bond auctionThe result affects long-term yields, which are near multi-year highs.MED
- Fed’s Musalem speaksMarkets watch whether he backs a December hike.MED
Gold bounces from a two-month low: get cash back on every lot
Rebate per lot · Standard Plus account
Rebate per lot · Standard account
Rebate per lot
1TRADER is a partner (IB) of these brokers and earns a commission when you open an account through our links · % is the share of the IB commission returned to you, not of your deposit · Rates as of Sep 2026 · Compare rebates across brokers
Learn to trade free with 1TRADER
Sources (7)
- Trading Economics – Gold (8 Oct, around 02:45 GMT)
- TradingView – OANDA:XAUUSD
- FXStreet – Gold slides below $4,100 as FOMC Minutes signal further Fed hikes (7 Oct)
- FXStreet – Gold falls to two-month low near $4,100 (8 Oct)
- FXStreet – Gold Price Forecast (7 Oct)
- Federal Reserve – FOMC Minutes
- Forex Factory – Calendar 8 Oct
Risk warning: Trading gold, forex and CFDs carries a high level of risk and you may lose all of your capital. This article is a summary for educational purposes, not investment advice. Prices may have changed by the time you read this.
Compiled by the 1TRADER editorial teamEditorial policy and sourcesFull risk disclosureReport an error
Read more
Related news
Forex NewsGold Price Today 20 Oct 2026: XAUUSD Eases to $4,136, Below $4,150
GoldBreaking: Houthis Strike Saudi Arabia, Brent Hits $111, Gold Below $4,100
Forex NewsForex News 20 Oct 2026: Yields Jump to 5.15%, Gold Slips Below $4,150
Forex NewsThai Baht Today 20 Oct 2026open 33.59–33.60 steady dollar firms with Yield foreigners sold Thai stocks worth ahead of Fed