# Gold tumbles 4% to seven-week low as oil, dollar and yields climb — retained record

> Retained news record from news:india-et-markets.

Canonical: https://highsignal.app/data/records/89f460824dec00fa

[← sources](https://highsignal.app/data)


source: [news](https://highsignal.app/data/news) (news:india-et-markets)  published 2026-09-28 18:42 ingested 2026-09-29 03:00

[original source ↗](https://economictimes.indiatimes.com/markets/us-stocks/wall-street-guide/gold-tumbles-4-to-seven-week-low-as-oil-dollar-and-yields-climb/articleshow/134549139.cms)

## retained text



```
Spot gold was down 3.5% at $4,136.81 an ounce as of 1:30 p.m. ET (1730 GMT), after touching $4,110.55—its lowest level since August 5. US gold futures settled 3.5% lower at $4,168.40.
“We’ve got crude oil prices sharply higher. And that suggests still more problematic price inflation, which suggests a tighter Federal Reserve monetary policy,” Jim Wyckoff, a market analyst at American Gold Exchange, told Reuters.
Higher Treasury yields and the US dollar trading near multi-week highs were “creating a perfect storm to push the metals prices sharply lower,” Wyckoff said.
The dollar held close to a two-month high, making greenback-denominated bullion more expensive for overseas buyers. Treasury yields extended their gains, increasing the opportunity cost of holding non-yielding gold.
Oil prices rose about 3% after US President Donald Trump rejected an Iranian peace proposal aimed at ending the conflict and reopening the Strait of Hormuz. Higher energy prices can add to inflationary pressure and encourage central banks to keep interest rates elevated for longer.
Although gold is traditionally viewed as a hedge against inflation, higher interest rates reduce its appeal compared with yield-bearing assets.
Traders are pricing in about a 94% probability of an interest-rate increase in December, according to CME Group’s FedWatch Tool.
The Fed raised its benchmark rate by a quarter-percentage point earlier this month and indicated that further increases were likely in the coming months, Reuters reported.
Several policymakers have echoed the central bank’s hawkish stance, warning that inflation risks remain elevated and that rates may need to rise further. Cleveland Fed President Beth Hammack was among the latest officials to reiterate that view.
Investors will now focus on US job-openings data, the ADP employment report, Personal Consumption Expenditures readings and nonfarm payrolls, all scheduled for release this week.
Among other precious metals, spot silver fell 4.5% to $61.39 an ounce, platinum declined 2.8% to $1,727.88 and palladium dropped 3.6% to $1,220.65.
(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
```



document fetched 2026-09-29 03:00