Gold extends selloff on surging Fed hike bets and oil spike above $100
3Sep 23 9:22 PM · 2d ago · 1 article · 1 source · development 3 of 4
Spot gold fell 0.5% to $4,267.43/oz as oil prices rebounded above $100 a barrel amid fading hopes for Iran war resolution. Iranian President Masoud Pezeshkian stated Iran would not allow freedom of navigation through the Strait of Hormuz while U.S. blockade and sanctions remain. Strong U.S. business activity data—expanding at its fastest pace in over five years in September—pushed Fed rate hike probability to 77.5% for October (from 55.4% a week prior) and 58% for December (from 41.7%). Treasury yields hit their largest jump since April 2025, pressuring gold further.
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“Iranian President Masoud Pezeshkian told the United Nations that Iran would not allow freedom of navigation through the Strait of Hormuz while a U.S. blockade and sanctions remain in place.”
Donald Trump U.S. President
Masoud Pezeshkian Iranian PresidentBritannia Global Markets Market analyst firm