On a weekly basis, gold recorded a decline of approximately 3.25%, reversing the upward trend seen earlier last week. Even so, throughout August, gold still gained about 11% from its starting point of around US$4,000 at the beginning of the month.
With the Bank Indonesia middle rate at approximately Rp17,762 per US dollar (as of August 31, 2026, the latest data published by BI), the price of one XAUt token is equivalent to about Rp79.04 million. This calculation is indicative and may vary depending on the prevailing exchange rate and price differences on each platform.
The current market capitalization of XAUt is approximately US$2.73 billion, with a 24-hour trading volume of around US$187.79 million and a circulating supply of about 612,823 tokens.
Note: prices are subject to change at any time following market movements, exchange rates, and liquidity on each trading pair.
Why Gold Has Plummeted Since Last Weekend
The inaugural speech by Fed Chair Kevin Warsh at the Jackson Hole Symposium on Friday evening, August 28, turned out to be much more hawkish than the market anticipated. Warsh emphasized that inflation remains a primary concern and opened the door for tighter monetary policy, a tone that immediately triggered a sharp strengthening of the US dollar and bond yields.
The impact was felt immediately on gold prices: in a short time, gold fell by about 3.2% from its previous close of US$4,601.89 to around US$4,455. The 2-year US Treasury yield rose more than 6 basis points to around 4.3%, while the 10-year yield climbed to 4.72%. The US Dollar Index (DXY) strengthened to the 99.6 range, its highest level in recent weeks, making gold more expensive for buyers outside the United States.
The probability of an interest rate hike at the September 15-16 Fed meeting, based on futures market pricing, jumped to approximately 57%, up sharply from about 35% before the speech was delivered. We discuss the link between monetary policy direction and asset values in what is devaluation and fiat money.
Oil prices also added pressure to the inflation narrative heading into the weekend, with WTI trading at around US$83 per barrel and Brent at around US$88 per barrel at Friday's close, although the latest data for the weekend is not yet available as oil markets were also closed.
Supporting Factors That Remain
Although prices have been under sharp pressure since Friday evening, several medium-term supporting factors have not completely disappeared. Central bank buying continues, providing a layer of demand that is much more stable than retail demand and less reactive to daily yield volatility. The US Treasury's bond buyback program is also still scheduled to increase to US$4 billion per operation starting September 9, a policy that historically pressures the dollar and benefits gold in the medium term.
However, as seen since last weekend, these two factors have not been enough to hold prices above US$4,600, a reminder that medium-term structural supports are not always able to dampen short-term pressure from economic data and dollar movements.
XAUt's Position Relative to Its All-Time High
The all-time high for XAUt is US$5,597.10, reached on January 29, 2026. With the current price at US$4,450.18, XAUt is about 20.5% below its record, widening significantly from 18.3% last Friday due to the sharp decline following Warsh's speech. To return to that level, a gain of approximately 25.8% from the current price is required.
The context should still be kept in mind: gold had gained more than 15% in August before correcting sharply, and the remaining monthly gain of about 11% is still significant, even though it has been trimmed considerably from its peak.
Levels to Watch
Since XAUt tracks gold, the spot gold reference levels monitored by analysts are highly relevant. The current price has fallen below the 200-day moving average, weakening the uptrend structure that had been in place since early August.
On the downside, the nearest support is at US$4,445-4,450, followed by US$4,400, then US$4,320-4,350, with a long-term liquidity target at US$4,200-4,220 if selling pressure persists. On the upside, the nearest resistance is at US$4,500-4,520, followed by US$4,560-4,600 and US$4,675-4,700. Several analysts suggest that the previous rally target of US$4,890 is now in question following this sharp decline.
A scenario widely considered by analysts is initial consolidation around US$4,550 before potential further downward pressure tests the US$4,560-4,600 range from the underside of the trend. Conversely, a sustained breakout above US$4,700 would signal a continuation of the uptrend toward US$4,890.
The levels above are editorial technical estimates based on recent price movements and are not a guarantee of future market direction.
What Do You Own When You Buy XAUt?
One full XAUt token represents one fine troy ounce of physical gold stored in a vault in Switzerland, in the form of London Good Delivery standard bars. It is a claim on physical gold that actually exists and is stored, rather than just a token whose price tracks gold.
This is what distinguishes it from typical crypto assets. The value of XAUt does not depend on network adoption, developer activity, or market narratives, but purely on the price of gold. To understand the differences between these asset categories, please see types of crypto.
Other advantages over physical gold include the ability to purchase in small fractions without needing to buy a full ounce, the ability to trade 24/7 without waiting for gold shops to open, and no requirement for personal storage or insurance fees. If you want to compare it with conventional precious metals, we discuss how to identify their authenticity in characteristics of genuine silver and fake gold codes.
Connection to the Broader Crypto Market
Unlike last Friday, when Bitcoin and gold moved in opposite directions, today both are under pressure for similar reasons. Bitcoin is currently trading around US$77,700, down approximately 0.9%, held below the US$80,000 level after failing to break through the 50-week moving average resistance in the US$81,000 range last weekend.
Both gold and Bitcoin are being affected by a strengthening dollar and rising interest rate expectations following Warsh's speech, serving as a reminder that both hedge assets like gold and risk assets like Bitcoin can come under pressure when monetary policy shifts toward a tighter stance, albeit through different mechanisms.
For those looking to balance their portfolio between volatile and more stable assets, such a combination is often considered. We have outlined a framework for evaluating crypto assets in general at how to analyze crypto, while we discuss the stages of the crypto market cycle at crypto bull market cycle.
Can XAUt Return to Its Record High?
To return to US$5,597, XAUt needs an increase of approximately 25.8% from its current price. Since its price tracks gold, the real question remains the same: can gold return to its record high?
A number of institutions remain optimistic despite the correction. Wells Fargo, for instance, maintains its 2026 gold target in the US$4,900 to US$5,100 range, though with the important caveat that the path there is not expected to be smooth due to monetary policy headwinds—a view that has become increasingly relevant following Warsh's hawkish tone.
The next catalysts to watch include the August Nonfarm Payrolls report scheduled for release on Friday, September 4, as well as the FOMC meeting on September 15-16. The ongoing fate of the CLARITY Act in the US Senate also has the potential to influence broader digital asset sentiment, including XAUt as a gold-backed token.
How to Buy XAUt on Mobee
Mobee is a Digital Financial Asset Trader registered and supervised by the OJK, under the legal entity PT CTXG Indonesia Berkarya.
You can buy XAUt directly with rupiah without needing to convert to dollars first, and in small fractions without having to purchase a full token. For those who want to buy periodically without worrying about timing the market, especially amidst current volatility, the Spot Grid feature allows for automatic buy and sell orders within a price range you set yourself.
Before you start, it is a good idea to understand how to store assets securely and some basic crypto trading tips .
Conclusion
The price of XAUt today, August 31, 2026, is around US$4,450.18, relatively stable over the last 24 hours but down more than 3% compared to before the Jackson Hole speech last weekend. Spot gold is moving in tandem around US$4,423-4,455, with a weekly decline of approximately 3.25%.
Pressure stems from the hawkish tone of Fed Chair Kevin Warsh, which pushed expectations for a September rate hike to around 57%, accompanied by a strengthening dollar and rising bond yields. XAUt is now about 20.5% below its record high of US$5,597.10, although it still retains a monthly gain of about 11% for August. The upcoming Nonfarm Payrolls report this Friday and the mid-September FOMC meeting will be the next catalysts to determine whether this pressure continues or subsides.
Disclaimer. All information in this article is for educational purposes only and does not constitute a recommendation to buy or sell. Asset prices can change rapidly. Always conduct your own research and align your decisions with your individual risk profile.
