On September 28, SPDR Gold ETF fell 3.42% in regular trading, trading at $380.13/share, with turnover of $582 million. The decline came as surging oil prices intensified inflation concerns and reinforced expectations for further Federal Reserve tightening, creating dual headwinds from rising rates and a stronger dollar.

On the news front, Brent crude oil broke above $100 per barrel amid Middle East tensions, fueling inflation fears and bolstering the case for additional Fed rate hikes. The Fed earlier this month raised the federal funds rate target range by 25 basis points to 3.75%–4.00%. According to the CME FedWatch tool, traders now price the probability of an October rate hike at 66%. Fed officials have continued to signal a hawkish stance, compounding pressure on non-yielding assets like gold. Spot gold fell below $4,200/oz, declining over 2%, while spot silver dropped 3.6%. Gold prices had already declined for three consecutive trading days prior to the session, with short-term oversold conditions deepening.

Markets are closely watching upcoming U.S. PCE and non-farm payroll data this week, which could further shape the near-term trajectory for gold prices.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)