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Gold falls as U.S. strikes on Iran and Fed rate bets pressure prices
December gold futures opened at $4,483.2 per troy ounce, down 1.0% from Friday’s close, as renewed Middle East conflict and growing expectations of a near term Fed rate increase weighed on demand.
Gold prices fell on Monday, August 31, 2026, after renewed U.S. military strikes related to Iran coincided with growing expectations for tighter monetary policy, according to Yahoo Finance.
December gold futures opened at $4,483.2 per troy ounce, down 1.0% from Friday’s closing price. The report noted gold was higher earlier in the session at $4,507.2 per troy ounce as of 8:22 a.m. ET, but still under pressure.
Yahoo Finance said renewed military conflict in the Middle East and higher oil prices, alongside inflation concerns, helped push gold lower. It also pointed to Fed Chair Kevin Warsh’s Jackson Hole remarks, saying the speech offered limited forward guidance while reiterating the Fed’s focus on keeping prices low.
The report added context on how gold prices are quoted, distinguishing between spot prices for physical gold and gold futures, and noting that physical gold backed ETFs typically track spot prices.
Latest closeGold $4,376.80 ▼1.2%