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Economy

Gold drops to August low as yields and dollar climb

By The Likely · Updated Sep 29, 12:45 PM ET · Drawn from 7 sources · Written by AI, checked against sources

Gold closed at US$4,127 an ounce on September 28, its lowest point since August 4. Federal Reserve Governor Lisa Cook warned that higher oil prices and artificial intelligence spending will continue to fuel inflation.

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How we got here

  1. President Donald Trump said he rejected Iran's proposal to reopen the Strait of Hormuz and end the conflict. Bloomberg
  2. Federal Reserve Governor Lisa Cook warned that AI investment and higher oil prices could cause continued inflation pressure. Gov
  3. Gold and silver declined as safe-haven demand was outweighed by higher Treasury yields, a firmer dollar, and rate-hike expectations. Riotimesonline
  4. The Bureau of Labor Statistics scheduled the release of the August Job Openings and Labor Turnover Survey. Gov
  5. The Bureau of Economic Analysis scheduled the release of the August Personal Income and Outlays report. Gov
  6. The Federal Reserve scheduled the publication of the minutes from its September FOMC meeting. Gov
  7. The Federal Reserve scheduled its next two-day FOMC meeting. Gov

What's likely next

  1. BEA scheduled August Personal Income and Outlays, including the PCE price index, and its third estimate of second-quarter GDP.
  2. The next FOMC meeting is scheduled; the committee’s decision is a key policy event for gold, yields and the dollar.

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