Gold this week, 7 to 11 Sep 2026: what moved XAUUSD

By Emanuele Calcina · Published 12 September 2026 · Prices from Yahoo Finance GC=F hourly data unless stated · Headlines linked where cited

Gold lost $21 on the week and travelled $156 to do it. The front-month contract last printed 4408.9 on Friday 11 September against 4429.8 the Friday before, with a weekly high of 4488.8 on Tuesday morning and a low of 4333.0 in the CPI hour on Friday (all from the Yahoo Finance GC=F hourly feed). Monday was Labor Day, so this was a four-day week that behaved like a six-day one.

Here is what moved it, in order, with a source on every number. If a figure below has no link next to it, it comes from the hourly feed named in the byline.

The week in numbers

Opens and closes are the first and last hourly bars of each session on the feed (Yahoo GC=F, UTC timestamps converted to New York time). They will not match your broker's daily candle to the dollar, and that is fine; the shape is what matters.

Tuesday 8 September: a quiet bleed, and 20 tonnes from Beijing

The week opened at 4483.5 and went down for twelve hours. No single headline did it. The 10-year yield had already been climbing toward its highest level in nearly three years, sitting near 4.80% on 8 September with the 10-year real yield at 2.43% (GoldSilver), and gold pays nothing, so a rising real yield is a slow tax on holding it. CNBC's Monday wrap called gold "lackluster ahead of inflation data" while oil rose (CNBC). The 4 PM ET hour printed the day's low at 4381.0 and the session closed at 4393.1, a $90 fall from the open.

The one piece of gold-specific news was supportive, and the market ignored it. The People's Bank of China added 20.2 tonnes in August, its largest monthly purchase since October 2023, taking official reserves to roughly 2,387 tonnes and the buying streak to 22 straight months; the valuation of those reserves rose from $306.35 billion at end-July to $350.08 billion at end-August (Kitco, citing SAFE). Central-bank buying is why the floor keeps rising over years. It does nothing for the next four hours, and this week was about the next four hours.

Wednesday 9 September: tankers, and a $95 bounce

Gold recovered from the Tuesday low, printing 4479.0 in the 9 AM ET hour and closing at 4437.5. Two things were in the background. First, the Gulf. The US military struck three Iranian oil tankers on 5 September after Iran fired missiles toward two Navy warships (Washington Post), then hit five more on 9 September, including one near Kharg Island, after the IRGC targeted a US warship twice in two days (Al Jazeera). That is a war-risk bid for gold and an inflation problem for the Fed at the same time, which is why the metal could not hold the bounce.

Second, the calendar. Thursday had PPI and the ECB, Friday had CPI, and the Fed was in its blackout period so nobody from the committee was talking. The 4479 high held as the week's second-highest print and the market spent the afternoon drifting back to the mid 4440s.

Thursday 10 September: PPI at 5.4%, the ECB hikes, silver breaks

Producer prices printed 5.4% year on year, a tenth above forecast, with the monthly figure at 0.4% and core PPI at 0.2%, below the 0.3% expected (GoldSilver; CNBC). Fed hike odds moved to roughly 60%. On the hourly chart the 8 AM ET bar opened at 4416.8, printed 4365.4 and closed at 4381.8: a $51 drop inside the hour. Silver did worse, falling 3 to 4% on the session and losing the $65 handle from a 67.94 open (GoldSilver, same piece).

Across the Atlantic the ECB raised its three key rates by 25 basis points, taking the deposit rate to 2.50% and the main refinancing rate to 2.65%, its second hike in three months, after eurozone inflation hit 3.3% in August (Euronews; Banco de España). Two central banks tightening on the same day is not a gold-friendly combination, whatever the reason for the tightening.

Gold spent the afternoon leaking. The 7 PM ET hour printed 4351.3, the low of the day, and the session closed at 4354.5. That is $83 below the open and $135 below Wednesday's high. Anyone who bought Wednesday's bounce on the war headline had been stopped out by dinner.

Friday 11 September: CPI in line, $100 in one hour

The number was exactly what the forecasters said. Headline CPI up 0.4% on the month and 3.4% on the year, unchanged from July; core up 0.3% on the month against a 0.2% forecast; core inflation 2.4% year on year, the lowest since March 2021; gasoline up 3.9% and responsible for over a third of the monthly rise (CNBC; BLS release).

The reaction was not in line with anything. The 8 AM ET hourly bar opened at 4375.3, dropped to 4333.0, reversed to 4432.6 and closed at 4430.3. One hundred dollars of range, both directions, inside sixty minutes, on a print that matched consensus. The next hour added a high of 4444.9. That is the CPI trade in 2026: the first move is the algorithm reading the core figure, the second move is the market noticing the number was already priced.

Behind the reversal was the bond market. The 10-year yield had climbed 16 basis points on the week and touched 4.979% on Friday, its highest since late 2023, before easing to about 4.93% (Quartz; FXStreet). CME FedWatch put a September hike at roughly 90%, from about 60 to 73% the day before (GoldSilver). The dollar index held just above 99 (same source). Gold rallying while hike odds go to 90% and the 10-year touches 5% is the most interesting thing that happened all week, and it is why we are not leaning short into Wednesday's Fed decision.

The session faded from there, as CPI sessions do. The last print of the week was 4408.9.

What it adds up to

Futures ended above spot by about $59, which is normal with short rates near 3.75%: the December contract carries three months of interest in its price. Do not read the gap as a signal.

Three things carry into next week. Gold is inside the descending channel it has held since February, with the top near 4610 to 4650 and 4300 the level that opens the July base near 4000 (our 7 to 11 September setups). The Fed decides on Wednesday 16 September with a dot plot attached. And the market has just shown it can rally on a hot core print and a 5% ten-year, which is the kind of behaviour you note and respect, not argue with.

How the channel traded it

Process, as always. The free channel posted its usual one or two calls a day, VIP its usual five or so, each with an entry, a stop loss and a take profit in the message, and since Tuesday every VIP entry has carried a short note on why it was a buy or a sell. No fresh entries went out in the run-up to PPI or CPI, and the CPI hour was for managing open positions only. Stops were outside the levels because, as Friday showed, $15 inside the noise is not a stop, it is a fee.

The results are on the results page, week by week, and the method behind the numbers is on the numbers page. The lifetime figure across the tracked record is 84%. This week's calls, winners and losers, are still in the channel history, which is unedited.

Questions people ask

Why did gold fall on 10 September 2026?

Producer prices. August PPI came in at 5.4% year on year, a tenth above forecast, and Fed hike odds moved to roughly 60% within the hour (GoldSilver). On the GC=F hourly chart the 8 AM ET bar opened at 4416.8 and printed a low of 4365.4. The ECB also raised its deposit rate to 2.50% the same morning.

What did US CPI show on 11 September 2026?

Headline CPI rose 0.4% on the month and 3.4% on the year, both in line with forecasts. Core rose 0.3% on the month against a 0.2% forecast, and core inflation was 2.4% year on year, the lowest since March 2021. Gasoline rose 3.9% and was over a third of the monthly increase (CNBC).

How much did the Fed hike odds change this week?

From a rough coin flip two weeks earlier to about 60% after PPI on Thursday and roughly 90% after CPI on Friday, per the CME FedWatch readings quoted by GoldSilver. The decision is on 16 September.

Did China buy gold in August 2026?

Yes. The People's Bank of China added 20.2 tonnes in August, its largest monthly purchase since October 2023, taking official holdings to roughly 2,387 tonnes and the buying streak to 22 months (Kitco).

Where did gold close the week?

The front-month contract last printed 4408.9 on Friday 11 September against 4429.8 the Friday before (Yahoo Finance, GC=F), about 0.5% lower. Spot was weaker: Trading Economics had spot gold down nearly 1% on the week for a third straight weekly loss, and gold-api.com showed spot at 4349.70 on Saturday 12 September.

Related reading

• Sep 7 to 11 weekly setups: the chart we traded against this week
• Gold week ahead, 14 to 18 Sep 2026: FOMC, BoE, BoJ and how we trade it
• Gold signals during high-impact news: our rules for CPI, NFP and FOMC days
• Daily gold signals on Telegram: a full month of trades, shown
• All gold trading guides

Risk disclaimer. Trading gold on margin carries a high risk of loss and is not suitable for everyone. Past performance, including any figure on this page, does not predict future results. Nothing here is financial advice. Market data and third-party figures were read on the dates stated and may have been revised since.