UK Gold Price Hits Six-Week High as Iran Tensions Escalate

Gold prices in the UK surged on September 10, 2026, as geopolitical tensions drove safe-haven demand. The price of 24K gold rose to £105.80 per gram, marking its highest single-session close since late August.

The rally was triggered by US military strikes on Iranian tankers in the Strait of Hormuz, which pushed crude oil above $100 per barrel for the first time since July. This move tracked a broader safe-haven bid that ran through Asian, Middle Eastern, and European markets before arriving in London.

The Federal Reserve's upcoming rate decision on September 16 is also playing a role in gold's price increase, with investors pre-positioning ahead of the meeting. JPMorgan's commodities desk has projected spot gold at $4,600 per troy ounce if the Federal Reserve holds through early 2027, equivalent to roughly £3,622 at current exchange rates.