Spot gold traded near $4,335 an ounce on September 2 2026, a four-week low, after a selloff that erased roughly 7% from the ~$4,650 level of August 28 and most of the August recovery. The proximate cause is the same hawkish repricing that lifted the 10-year above 4.81% - rising real yields are the classic headwind to a debasement bid, and this is the first refresh in which that headwind has actually bound.