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Gold prices stabilized near a seven-week low on Tuesday after plunging 4% in the previous session, as elevated oil prices, rising U.S. Treasury yields and expectations for further Federal Reserve rate hikes continued to pressure bullion.
XAU/USD was nearly unchanged at $4,118.54 an ounce at 21:11 ET (01:11 GMT), while gold futures slipped 0.4% to $4,150.26. Silver edged 0.1% higher to $60.70, while platinum fell 0.3% to $1,711.94. The U.S. Dollar Index remained steady around 101.2.
Energy prices stayed elevated as the U.S.-Iran standoff over the Strait of Hormuz showed little sign of easing. Iran maintained its conditions for reopening the crucial shipping route after President Donald Trump rejected Tehran's latest proposal. The conflict, now in its eighth month, has disrupted energy markets and fueled concerns that higher oil prices could keep U.S. inflation elevated.
Those inflation risks have contributed to a sharp selloff in U.S. Treasuries. The benchmark 10-year Treasury yield climbed to a fresh 19-year high on Monday, increasing the opportunity cost of holding non-yielding assets such as gold.
Gold has dropped roughly 7% in September after trading near $4,510 earlier in the month. The decline accelerated after the Federal Reserve delivered its first interest rate increase since 2023 and signaled that additional tightening remained possible.
Markets are now pricing in about a 70% chance of another Fed rate hike in October. ANZ analysts said rising Treasury yields and higher energy costs have created a challenging near-term environment for gold.
Cleveland Fed President Beth Hammack said higher long-term yields reflected stronger growth expectations, government debt concerns and expectations for additional rate increases. Fed Governor Lisa Cook also warned that artificial intelligence-driven productivity gains may not be enough to offset near-term inflation pressures.
Investors will now turn to Wednesday's U.S. personal consumption expenditures inflation report and Friday's nonfarm payrolls data for fresh signals on inflation, employment and the Federal Reserve's interest rate outlook.
