Archive · 14 Sep 2026
Gold slips as oil rally boosts Fed hike bets
Gold prices went down slightly on Monday.
Oil prices rose by more than 2% because attacks and a closed pipeline raised concerns about future supplies.
More expensive oil can make inflation worse.
Recent U.S. data also showed that consumer prices increased faster in August.
Because of this, investors increasingly expected the Federal Reserve to raise interest rates.
Higher interest rates can make gold less attractive because gold does not pay interest.
Gold had already fallen for three weeks in a row.
An analyst said higher energy prices and rate expectations were creating pressure on gold.
However, the analyst also said some people may still buy gold as protection against uncertainty.
Silver, platinum, and palladium also declined.
Spot gold fell about 0.5% to roughly $4,327 an ounce on Monday, extending its third weekly decline.
U.S. gold futures dropped about 0.9%-1% to around $4,368 an ounce.
Markets priced in an 86%-87% chance of a Federal Reserve rate hike on September 15-16, up from about 67% before last week’s inflation data.
Oil prices rose more than 2% after attacks and the closure of a key Saudi oil pipeline heightened supply concerns.
Goldman Sachs retained upside risk to its $4,900-an-ounce end-2026 forecast but expected elevated volatility.
- Who
- Gold traders, the U.S. Federal Reserve, oil-market participants, Goldman Sachs, and other major central banks.
- What
- Gold prices declined as higher oil prices and U.S. inflation strengthened expectations of interest-rate increases.
- When
- Monday, September 14, 2026; the Federal Reserve meeting is scheduled for September 15-16.
- Where
- Global financial markets, with developments involving the United States, Saudi Arabia, Iran, the Gulf, and West Asia.
- Why
- Rising energy prices and stronger U.S. inflation increased expectations for higher interest rates, which can reduce demand for non-yielding gold.
Rate-driven pressure
Uncertainty-driven support
Near-term gold outlook
Rate-driven pressure
Rising oil prices and stronger inflation are boosting expectations for central-bank rate hikes, creating a yield-related headwind for non-yielding gold.
Uncertainty-driven support
Gold may still attract buyers as a hedge against uncertainty while geopolitical tensions and monetary-policy decisions remain fluid.
Central-bank policy
Rate-driven pressure
Markets increasingly expect the Federal Reserve to raise rates at its September 15-16 meeting, while the Bank of Japan is also expected to raise rates later in the week.
Uncertainty-driven support
Goldman Sachs still sees upside risk to its longer-term $4,900-an-ounce forecast, despite expecting elevated volatility.
- Spot gold
- Down about 0.5% to between $4,327.09 and $4,327.80 an ounce
- U.S. gold futures
- Down about 0.9%-1% to between $4,367.50 and $4,368.60
- Federal Reserve hike probability
- About 86%-87%, compared with roughly 67% before last week’s inflation data
- Oil prices
- Rose more than 2% on Monday
- Goldman Sachs forecast
- Maintains upside risk to a $4,900-an-ounce gold forecast for the end of 2026
- Other metals
- Silver fell about 1%-1.1%, platinum declined 0.2%-0.8%, and palladium fell 0.4%-0.7%
