Gold Prices Plunge Below $4300 Amid Rising Treasury Yields and Oil

Gold prices declined on September 15, breaking below $4,300/oz to an intraday low of $4,260/oz. The Shanghai gold futures contract settled at 929 yuan per gram, down 1.55%. Rising U.S. Treasury yields and oil prices are driving the decline, with markets pricing in a 92.4% probability of a 25-basis-point rate hike in September.

At the Shuibei gold market in Shenzhen, retail shoppers are returning after being deterred by high prices. However, orders remain concentrated in wedding-related essentials and small-weight pieces, while sales of heavier gold jewelry continue to decline.

The World Gold Council's data shows China's gold jewelry consumption fell 30% year-on-year to 136 tonnes in the first half of 2026, yet total spending rose 5% to $21.4 billion.