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2026.09.2300:33:49UTC+00Gold Steadies on Softer Oil Prices

Gold held above $4,350 an ounce on Wednesday, consolidating after a sharp intraday rebound in the previous session, as oil prices fell for a sixth straight day and eased fears of persistent inflation and higher interest rates. Crude extended its decline after President Donald Trump said US officials had a “very good meeting” with Iranian envoys, while Tehran signaled it could reopen the Strait of Hormuz within seven days if Washington reduces military pressure and lifts its blockade of Iranian ports. Market sentiment was further supported by reports that Saudi Arabia plans to resume oil exports through its East–West pipeline in the coming days.

At the same time, Richmond Fed President Tom Barkin cautioned on Tuesday that inflation shocks may take longer to dissipate than expected, with a risk that elevated price pressures could become entrenched. In addition, China’s gold imports through August surpassed 1,000 tons, already exceeding the total volume for 2025, underlining robust investment demand.

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