Gold slips early Wednesday as the dollar boosts and investors monitored talks between the U.S. and Iran and the U.S. and China to determine the trajectory of the economy and the likelihood of higher interest rates.
U.S. President Donald Trump said Tuesday that American officials had a “very good” meeting with Iranian representatives in New York on the sidelines of the United Nations General Assembly, boosting hopes of a possible deal to end the war and curb soaring energy prices. The Federal Reserve last week raised interest rates for the first time in three years, increasing the benchmark rate to 3.75% to 4.00%, in large part because of inflation linked to high energy prices. Higher interest rates are considered bearish for gold, making it a less attractive asset.
Trump is also scheduled to meet with Chinese President Xi Jinping in Washington this week in a three-day summit that may address tensions between the two powers, including issues surrounding access to rare earth and other metals. China is the world’s largest gold consumer and imports have climbed this year because of lower global prices and a stronger yuan.
December gold futures slipped 0.2% Tuesday to settle at $4,376.40 an ounce on Comex, and the front-month contract dropped 1.1% in the first two days of the week. Bullion rose 9.1% last month after gaining 1.7% in July, its first monthly increase since February, and sliding 12% in June. It decreased 7% in the first half of 2026 after rallying 64% last year. The December contract is currently down $53.3 (-1.22%) an ounce to $4323.10 and the DG spot price is $4280.10.
Oil prices slipped on Trump’s Iran comments and reports that Saudi Arabia is truying to restore exports in the next few days via a pipeline that bypasses the Strait of Hormuz, a key energy chokepoint. The war has disrupted exports through the passage.
The movement in oil prices may influence inflation as investors are continuing to look for guidance on the Fed’s next moves on monetary policy. The central bank indicated that another hike might be coming this year.
Over 64% of the investors tracked by the CME FedWatch Tool are now betting that the Fed will raise interest rates by another 25 basis points in October. Before last week’s rate hike, the Fed had kept interest rates unchanged this year after three previous rate cuts. The next Fed policy meeting is Oct. 28, six days before the U.S. midterm elections.
The Fed closely watches both inflation and the labor market when setting monetary policy.
Some Fed policymakers are set to speak about the economy over the next few days, and U.S. weekly initial jobless claims data comes out Thursday. Durable goods orders and the University of Michigan consumer survey come out Friday.
December silver futures increased 0.2% Tuesday to settle at $66.53 an ounce on Comex, though the front-month contract fell 0.9% in the first two days of the week. The most-active contract touched a record above $115 in January. Silver climbed 16% last month after sliding 3.6% in July and declining 21% in June. It lost 15% in the first half of 2026 after rising 141% last year. The December contract is currently down $1.320 (-1.98%) an ounce to $65.210 and the DG spot price is $64.68.
Spot palladium declined 0.8% Tuesday to $1,302.00 an ounce and is down 1% so far this week. Palladium rallied 5.7% last month after adding 5.8% in July and dropping 11% in June. It retreated 25% in the first half of 2026 after rising 74% last year. The current DG spot price is down $31.90 an ounce to $1271.00.
Spot platinum rose 1.3% Tuesday to $1,826.30 an ounce and is up 0.9% this week. Platinum rose 7.5% last month after gaining 6.6% in July and tumbling 19% in June. Platinum slid 23% in the first half of 2026 after increasing 122% in 2025. The DG spot price is currently down $66.20 an ounce to $1762.30.
Disclaimer: This editorial has been prepared by Dillon Gage Metals for information and thought-provoking purposes only and does not purport to predict or forecast actual results. This editorial opinion is not to be construed as investment advice or a recommendation regarding any particular security, commodity, or course of action. Opinions expressed herein cannot be attributable to Dillon Gage. Reasonable people may disagree about the events discussed or opinions expressed herein. In the event any of the assumptions used herein do not come to fruition, results are likely to vary substantially. It is not a solicitation or advice to make any exchange in commodities, securities, or other financial instruments. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisers with respect to these areas. By posting this editorial, you acknowledge, understand, and accept this disclaimer.