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News
Monday, September 28, 2026
What’s happening: Gold prices traded lower this morning amid a surge in crude oil prices.
What happened: Gains in crude oil prices raised inflationary concerns and triggered fresh speculations of the US Federal Reserve hiking interest rates.
Strength in the US dollar also weighed on gold prices this morning.
Why it matters: US President Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz and end the conflict. However, Trump indicated that talks would resume this week.
Iran reiterated that it would not soften its conditions for reopening the key waterway, while adding that only diplomacy could solve the issue.
Crude oil prices rose amid continued geopolitical tensions and the Strait of Hormuz impasse. High oil prices push inflation expectations, triggering speculations of the US Federal Reserve hiking its benchmark interest rate in October. The Fed had increased rates by 25bps earlier this month.
Various Fed officials said additional rate hikes may be required, citing resilient economic growth and a robust labour market.
Although gold is considered as a hedge against inflation, higher interest rates raise the opportunity cost of holding the bullion.
Strength in the US dollar exerted further pressure on gold prices as a higher greenback makes metals more expensive for foreign currency holders. The US dollar index, which measures the greenback’s performance versus a basket of major peers, rose more than 0.1% to 101.10 this morning.
Spot price for gold fell 1.7% to trade at $4,213.82 an ounce this morning, while spot price for silver declined by 2.8% to $62.4895 an ounce.
In other metals trading, spot price for platinum fell 2.1% to $1,744.30, while palladium lost 2.4% to reach $1,240.95.
What to watch: Investors will continue monitoring oil prices and comments from Fed members.
Investors await the US jobs report and the Fed’s preferred inflation gauge this week, which are expected to provide further direction to the central bank’s monetary policy outlook. The US economy, which added 162,000 jobs in August, the most in five months, is expected to add 100,000 jobs in September. Analysts expect the US unemployment rate to rise to 4.2% in September from 4.1% in August, while average hourly earnings are projected to rise by 0.3% in September.
Context: Equity markets in China traded lower this morning as investors assessed breakthroughs at the Trump-Xi summit.
Details: US Treasury Secretary Scott Bessent announced an extension of the trade truce with China through January 10, giving both countries more time to manage their economic rivalry.
Chinese President Xi Jinping said that the latest round of negotiations had led to a “new joint arrangement,” although the details of the same were not disclosed.
Data released this morning showed that China’s industrial profits surged 15.7% year-over-year to 5.27 trillion yuan during the first eight months of year, slowing from the 17.6% growth recorded in the January–July period. In August alone, China’s industrial profits rose 4.2% year-over-year, decelerating steeply from the previous month’s 11.2%. This also marked the softest pace this year.
The latest reading signalled continued strength in tech and AI-related manufacturing, while subdued domestic demand impacted profitability.
The CSI 300 Index fell around 2.2% to trade at 4,342.54 this morning, while the Shanghai Composite Index lost 1.8% to 3,818.16. Meanwhile, the USD/CNY forex pair edged higher to 6.7157 this morning.
What to watch: Data on NBS manufacturing PMI, NBS non-manufacturing PMI and NBS general PMI from China will be released on Wednesday. China’s official NBS manufacturing PMI, which climbed to 49.8 in August from 49.2 in the previous month, is expected to rise further to 50.1 in September. Analysts expect China’s official NBS non-manufacturing PMI to rise to 49.3 in September from 49.0 in August, while the NBS composite PMI output index is projected to surge to 50.1 from 49.5 in the previous month.
Other Markets: European markets closed mostly higher on Friday, with the FTSE 100, DAX 40 and STOXX Europe 600 Index up by 0.14%, 0.56% and 0.35%, respectively, and the CAC 40 down by 0.04%.
Russia and Ukraine continued their attacks even as the US continued to push for negotiations to end the conflict. The news sent the USD/RUB forex pair lower in forex trading this morning.
Canada’s federal deficit widened to C$4.77 billion in July from C$1.51 billion in the year-ago period, lending support to the USD/CAD forex pair.
Macau’s trade deficit rose to MOP 10.1 billion in August from MOP 8.5 billion in the year-ago month. Imports growing by 18.4% year-over-year to MOP 11.5 billion sent the USD/MOP pair higher in forex trading this morning.
Eurozone’s bank lending to households climbed 3.1% year-over-year to €7.26 trillion in August, the same as in the previous month, which lent some support to the EUR/USD forex pair.
Thailand’s trade deficit widened to $2.48 billion in August from $1.96 billion in the year-ago period, sending the USD/THB pair higher in forex trading this morning.
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