12 hrs ago
Gold Holds Below $4,200 Near Seven-Week Low as Silver Falls
Gold prices stayed near their lowest level in more than seven weeks.
Investors were worried that higher oil prices could make inflation worse.
They also expected US interest rates to remain high for longer.
High interest rates can make gold less attractive because gold does not pay interest.
Fighting and uncertainty in the Middle East can sometimes increase demand for gold as a safe asset.
However, those tensions can also push energy prices higher.
Investors are watching US jobs and inflation reports this week for clues about the Federal Reserve’s next decision.
Silver, platinum, and palladium prices also fell.
Gold’s next move may depend on economic data and developments in the Middle East.
Spot gold was nearly flat at $4,124.57 per ounce early Tuesday after reaching a more than seven-week low in the previous session.
US gold futures fell 0.3% to $4,156.70 per ounce.
Rising oil prices and expectations of prolonged high US interest rates kept investors cautious about gold.
Markets assigned a 70.3% probability to a Federal Reserve rate hike in October, according to the CME FedWatch Tool.
Silver fell 0.6% to $60.62 per ounce, while platinum and palladium also declined.
- Who
- Investors, the Federal Reserve, and participants in precious-metals markets.
- What
- Gold remained below $4,200 near a more than seven-week low, while other precious metals also declined.
- Where
- Global markets, with the main economic focus on the United States and geopolitical developments in the Middle East.
- When
- Tuesday, September 29, 2026; prices were reported as of 0140 GMT.
- Why
- Rising oil prices, inflation concerns, and expectations of prolonged high US interest rates increased pressure on gold.
Key facts
- Spot gold
- $4,124.57 per ounce, nearly flat as of 0140 GMT
- US gold futures
- Down 0.3% at $4,156.70 per ounce
- October rate-hike probability
- 70.3%, according to the CME FedWatch Tool
- Spot silver
- Down 0.6% at $60.62 per ounce
- Platinum
- Down 1% at $1,699.86 per ounce
- Palladium
- Down 0.5% at $1,209.08 per ounce
- Economic data watched
- US job openings, ADP employment figures, PCE inflation data, and nonfarm payrolls
Quotes
Christopher Tahir
Senior market strategist at Exness
“Persistent price pressures combined with resilient activity would reinforce expectations that central banks need to remain restrictive, keeping yields elevated and leaving gold vulnerable to further losses”
news18.com
“Geopolitical developments will remain crucial for gold, as continued tensions could keep energy prices and yields elevated, while meaningful progress towards de-escalation could ease pressure”
news18.com
Sources
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