Gold Rate Under Pressure as Crude Oil Prices Soar
The gold rate today is under pressure due to rising crude oil prices and increasing US Treasury yields. The escalating tensions between the US and Iran have pushed the price of crude oil above $100 a barrel, which has fueled concerns about inflation and a potential interest rate hike by the US Federal Reserve.
Anuj Gupta, a SEBI-registered market expert, said that the soaring crude oil price due to the US-Iran tension has renewed the inflation fear. The market is now expecting a US Fed rate cut in next week's US Fed meeting scheduled from 15-16 September 2026.
The COMEX gold price finished around 1.50% lower at $4,408.90 per ounce, while the MCX gold rate edged higher last week and ended at ₹1,52,784 per 10 gm. However, it closed below the 20-DEMA on the technical chart.
Ponmudi R, CEO at Enrich Money, said that the gold rate today is under pressure as another surge in oil prices fed into inflation expectations and pushed markets to sharply raise the odds of a US Fed rate hike at next week's US Fed meeting. The resulting pressure on precious metals drove gold and silver into their third consecutive weekly declines.