Gold Prices Dip Amid Oil Rebound and Hawkish Fed Bets
A sharp rebound in crude oil prices on September 14, 2026, triggered by reports of Iranian pressure on tanker traffic through the Strait of Hormuz, weighed modestly on gold. The Federal Reserve's rate-cut expectations shifted in a hawkish direction as a result. For US bullion dealers and jewelry retailers, this meant a small setback - roughly 14 cents per gram on 24-karat gold.
Spot gold settled near $1,975 per troy ounce in New York, equivalent to $63.46 per gram, off approximately $4.50 from Friday's close. The October Comex futures contract settled around $1,979 per troy ounce, maintaining its customary small premium over spot.
The oil disruption drove the repricing, with Brent crude climbing close to two dollars a barrel after fresh intelligence reports circulated in energy markets about Iranian-linked pressure on tanker routes through the Strait of Hormuz. Higher crude prices feed into consumer inflation estimates, eroding the case for near-term rate reductions.
Chair Jerome Powell's remarks at last month's Jackson Hole symposium established a cautious baseline: one quarter-point cut was already priced in for the remainder of the year, but nothing beyond it was committed. Futures markets adjusted slightly further in that direction after the Hormuz reports, with November cut probabilities falling several percentage points from Friday's levels.