Gold Holds Losses on Rate Hike Concerns

2026-09-29 00:20 By Jam Kaimo Samonte 1 min. read

Gold traded near $4,100 an ounce on Tuesday after plunging 4% in the previous session, as persistent uncertainty over US-Iran negotiations kept oil prices elevated and increased pressure on the Federal Reserve to tighten policy further to curb inflation.

Oil prices resumed their advance as Iranian officials reportedly expressed doubt about reaching a deal before US midterm elections in November, following President Donald Trump’s rejection of Tehran’s latest proposal.

Treasury yields climbed to fresh multi-year highs amid growing inflation concerns and expectations of further rate hikes, weighing on non-yielding assets such as gold.

Markets are now pricing in roughly a 70% probability of a Fed rate increase in October, following the central bank’s first rate hike in three years earlier this month.

Attention now shifts to this week’s US economic data, including Wednesday’s PCE inflation report and Friday’s nonfarm payrolls figures, for further clues on the policy outlook.



News Stream
Gold Holds Losses on Rate Hike Concerns
Gold traded near $4,100 an ounce on Tuesday after plunging 4% in the previous session, as persistent uncertainty over US-Iran negotiations kept oil prices elevated and increased pressure on the Federal Reserve to tighten policy further to curb inflation. Oil prices resumed their advance as Iranian officials reportedly expressed doubt about reaching a deal before US midterm elections in November, following President Donald Trump’s rejection of Tehran’s latest proposal. Treasury yields climbed to fresh multi-year highs amid growing inflation concerns and expectations of further rate hikes, weighing on non-yielding assets such as gold. Markets are now pricing in roughly a 70% probability of a Fed rate increase in October, following the central bank’s first rate hike in three years earlier this month. Attention now shifts to this week’s US economic data, including Wednesday’s PCE inflation report and Friday’s nonfarm payrolls figures, for further clues on the policy outlook.
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Gold Falls as Higher Oil Prices Lift Rate-Hike Bets
Gold fell to $4,150 an ounce on Monday, touching its lowest level since August 5, as surging oil prices fueled inflation concerns and strengthened expectations for higher-for-longer interest rates. A firm US dollar and US Treasury yields near 19-year highs also weighed on the non-yielding metal. Brent crude surged to $107 a barrel after President Donald Trump rejected an Iranian peace proposal aimed at resolving the conflict and reopening the Strait of Hormuz, prompting markets to increase bets on further Federal Reserve rate hikes. Markets now see a more than 70% chance of a second rate hike as soon as October, according to CME’s FedWatch Tool. Cleveland Fed President Beth Hammack said Friday that persistently high inflation risks conditioning the public to accept elevated prices as the norm, adding that the central bank cannot allow that to happen. Focus now turns to this week’s US data, including Wednesday’s PCE inflation report and Friday’s nonfarm payrolls figures.
2026-09-28