30.09.202600:35:28UTC+00Gold Finds Support as Oil Prices Decline

Gold hovered near $4,200 an ounce on Wednesday after rebounding in the previous session, with a sharp decline in oil prices providing some support despite persistent pressure from elevated US Treasury yields. Crude fell steeply amid indications of improving energy supplies from the Middle East and following another sizable release of US emergency reserves.

At the same time, precious metals continued to face headwinds from rising yields, as the 30‑year US Treasury yield climbed to as high as 5.62%, its highest level since June 2002. Concerns over stubborn, energy-driven inflation, reinforced by hawkish commentary from Federal Reserve officials, have been pushing yields higher.

New York Fed President John Williams said on Tuesday that another interest rate increase “late this year” could be appropriate, adding that the conflict in the Middle East and the rapid expansion of artificial intelligence remain key forces sustaining elevated inflation. Against this backdrop, gold is on track to lose nearly 6% in September.