Gold slips as oil gains strengthen case for elevated interest rates - Reuters

Gold eases on stronger US rate hike odds | Reuters

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Gold eases on stronger US rate hike odds

By

Pablo Sinha

September 14, 2026

10:29 PM PDT

Updated 1 hour ago

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!A view of smelted gold bars at a smelting facility in Accra, Ghana

A view of smelted gold bars at a smelting facility in Accra, Ghana, August 22, 2024. REUTERS/Francis Kokoroko Purchase LicensingRights , opens new tab

* Summary
* Companies

* Spot gold hit lowest level since August 7 on Monday
* U.S. Fed policy decision due on Wednesday
* 10-year U.S. Treasury yields at near two-decade high
* Oil rises 2% ​after attack on Saudi energy infrastructure

Sept 15 (Reuters) - Gold prices eased on Tuesday as a rally in crude underscored inflation risks, reinforcing expectations of a Federal Reserve rate hike and lifting Treasury yields ahead of the central bank's policy meeting this week.

Spot ​gold was down 0.7% at $4,266.49 per ounce, as of 0853 GMT, ​after hitting its lowest point since August 7 on Monday. U.S. ⁠gold futures fell 1% to $4,307.40.

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"The pressure on gold reflects a combination of ​rising oil prices, a U.S. rate hike on Wednesday being almost fully priced ​in, a stronger dollar and, not least, long-end bond yields reaching higher levels," said Ole Hansen, head of commodity strategy at Saxo Bank.

"A move back above $4,440 would, in our opinion, be ​needed to ease the current downside pressure."

The U.S. central bank will announce its ​policy decision at 1800 GMT on Wednesday.

Traders are currently pricing in a 92% chance of a ‌25-basis-point ⁠hike, according to the CME FedWatch Tool.

The dollar climbed, making greenback-priced bullion more expensive for holders of other currencies, while benchmark 10-year U.S. Treasury yields rose to their highest since 2007.

Though seen as a hedge against inflation and geopolitical ​risks, gold often ​loses appeal when ⁠rates rise as they increase the opportunity cost of holding the non-yielding precious metal.

Oil prices rose nearly 2% as concerns over supply ​disruptions lingered after the attacks on Saudi Arabian energy infrastructure ​left the ⁠kingdom's East-West pipeline offline and cast doubt on efforts to ease shipping risks in the Gulf.

Yemen's Iran-aligned Houthis launched a new wave of attacks on Saudi Arabia and ⁠were ​digging into positions on the western coast of ​Yemen along the Red Sea, Yemeni officials said.

Spot silver fell 0.7% to $62.80, platinum lost 1% to $1,742.74 and ​palladium fell 1.1% to $1,282.79.

Reporting by Pablo Sinha in Bengaluru; Editing by Jochelle Mendonca

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