Gold falls 4%

Key takeaways

Gold prices fall below 4 140 USD per troy ounce, extending the drop from August to over 10%.
Rising US Treasury yields and higher oil prices increase the opportunity cost of holding gold.
Chinese investors take profits ahead of Golden Week, adding downward pressure on precious metals.
Markets await US PCE inflation data to gauge future Federal Reserve rate decisions.

Key takeaways

Gold prices fall below 4 140 USD per troy ounce, extending the drop from August to over 10%.
Rising US Treasury yields and higher oil prices increase the opportunity cost of holding gold.
Chinese investors take profits ahead of Golden Week, adding downward pressure on precious metals.
Markets await US PCE inflation data to gauge future Federal Reserve rate decisions.

Gold continues the sell-off that began in the second half of August, falling below $4,140 per troy ounce today, losing nearly 4%. The decline from the August local peak has now reached more than 10%.

Figure 1: Gold (2026)

Source: XTB Research, 28.09.2026

The sell-off is largely driven by a familiar correlation: a lack of positive news regarding US-Iran talks is pushing up oil prices, raising inflation concerns, increasing bets on Fed rate hikes, and driving up Treasury yields.

Figure 2: Brent Crude Oil (Front-Month Futures Contract) and 10-Year Bond Yields (2026)

Source: XTB Research, 28.09.2026

The US 10-year Treasury yield is up around 5 bps today to 5.25%, its highest level since 2007. The opportunity cost of holding precious metals, non-yielding assets, is rising by the day, noticeably reducing their appeal despite a highly volatile geopolitical landscape.

Pressure is being further compounded by profit-taking from some Chinese investors ahead of Golden Week, a traditional holiday period that marks one of the most important annual vacation weeks in China (1-7 October).

Investors are currently awaiting Wednesday's release of US PCE inflation data for August, which could temper growing concerns over inflationary pressures across the Atlantic and trigger a correction in the bond market.

—

Michał Jóźwiak, Financial Markets Analyst at XTB

28 September 2026, 5:24 PM

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