Gold Prices Stable Amid Oil Surge and Fresh Inflation Worries

Gold prices held steady on September 24, 2026, after declining by 1.7% the previous day. The metal was trading around $4,290 per ounce as investors weighed the impact of rising oil prices and strong US economic data on Federal Reserve interest rate decisions.

The price of oil rose in response to a statement from Iranian President Masoud Pezeshkian, who told the United Nations that his country would not allow freedom of navigation through the Strait of Hormuz while sanctions and a US blockade remain in place. This development underscores the challenges facing efforts to revive talks between Iran and Washington.

The stronger-than-expected US economic data has increased bets on another interest rate hike by the Federal Reserve to combat inflation. The recent rise in oil prices, meanwhile, is adding to inflationary pressures, which could further support a rate increase.