Gold falls amid rising oil prices and higher US dollar

Gold hits seven-week low; silver follows suit and records a nearly 5 percent loss.

x whatsapp-stroke copylink google Add Al Jazeera on Google info Although gold is traditionally considered an inflation hedge, higher interest rates dent ⁠its appeal as investors ​prefer yield-bearing assets [File: Arko Datta/Reuters] By Al Jazeera Staff , AFP and Reuters Published On 28 Sep 2026 28 Sep 2026 Gold prices are falling as concerns of rising fuel prices stoke inflation worries on the back of the war between the United States and Iran.

Spot gold prices fell by 3.3 percent to reach a more than seven-week low at $4,146.51 per ounce on Monday.

Rising oil prices, a higher US dollar and Treasury yields stoked inflation concerns, creating further headwinds for the metal .

This is the lowest level for gold values since August 5. US gold futures also fell by 3.3 percent to $4,178.40.