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Gold Drops More than 2% on US Rate-Hike Bets
Rising oil prices, a firmer dollar and higher Treasury yields pushed gold lower as traders priced in a 70% chance of an October Fed hike.
- Precious metal futures remained under pressure on Tuesday, September 29, 2026, following Monday's sharp selloff. Gold and silver prices fell across major cities, tracking a firm US dollar and rising crude oil rates.
- Brent crude surged 4 per cent to USD 108.53 a barrel as renewed US-Iran tensions and uncertainty around the Strait of Hormuz heightened supply concerns.
- MCX Gold traded near Rs 1,49,000 on Tuesday, rebounding after Monday's break below Rs 1,50,000. Ponmudi R, CEO of Enrich Money, noted the RSI at 41 suggests a "possible bottoming attempt."
- In Delhi, 24-carat gold was quoted at Rs 1,48,950 per 10 grams, while Chennai prices reached Rs 1,49,080. Silver prices also stood at Rs 2,40,000 per kg in Kolkata and Mumbai.
- President Donald Trump rejected Tehran's proposal to reopen the Strait of Hormuz within a week in exchange for lifting the naval blockade. Iran stated its delegation to the General Assembly had no talks planned with the US.
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<p>Gold fell to a seven-week low on the threat of a fresh rate hike in the U.S. Gold fell 4% to around $4125 an ounce. Investors expect new Fed rate hike amid record yields bonds.</p>
·Kyiv, Ukraine
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Precious metal has fallen by more than 10% since August, in parallel with the rise in oil and expectations of higher rates
·Madrid, Spain
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Coverage Details
Total News Sources123
Leaning Left6Leaning Right15Center8Last UpdatedBias Distribution52% Right
Bias Distribution
- 52% of the sources lean Right
52% Right
L 21%
C 27%
R 52%
Factuality
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