MARKETS TODAY · 28 Sept 2026

Gold slides as oil surges and yields climb

Middle East tensions and inflation fears reshape today's market moves

Gold is under pressure as oil spikes and rate expectations shift.

XAU/USD fell −3.26% to $4,145.25 as Brent crude jumped +1.85% to $106.25, reviving inflation concerns after reports that Trump rejected Iran's proposal to reopen the Strait of Hormuz. Higher yields and a firmer dollar (DXY +0.05%) added pressure on bullion while tech futures also slipped. Traders may watch whether oil volatility persists into the week ahead, which could keep gold and equities on edge.

Oil jumps after Trump rejects Iran's Hormuz proposal

Brent crude climbed +1.85% to $106.25 after reports that Trump rejected Iran's proposal to reopen the Strait of Hormuz and signaled possible further action.

The move revived concerns over energy-driven inflation across global markets.

Gold falls as yields rise and the dollar holds firm

XAU/USD dropped −3.26% to $4,145.25 as higher yields and a steady dollar (DXY 101.06) reduced demand for bullion, even amid heightened geopolitical risk.

The move underscores how rate expectations can outweigh safe-haven demand.

Equities slip as traders weigh inflation and rate risk

The S&P 500 fell −0.34% to 7,716.99 and the NASDAQ dropped −0.40% to 26,961.25, reflecting caution as energy costs and inflation expectations rise.

Traders may be watching how these pressures evolve into next week's data.

Where markets stand

• XAU/USD: −3.26% ($4,145.25)
• EUR/USD: −0.09% (1.1383)
• GBP/USD: +0.24% (1.3275)
• USD/JPY: −0.07% (157.08)
• NASDAQ: −0.40% (26,961.25)
• S&P 500: −0.34% (7,716.99)

Educational information only. Not investment advice. Trading involves risk of loss.