Gold Falls to $4,100 as a One-Day Plunge of About 4% Hits a Seven-Week Low
On September 28, international gold prices dropped sharply. London spot gold briefly fell to around $4,113 per ounce, with a daily decline of about 4%, marking the lowest level in seven weeks. COMEX gold futures closed at $4,113.4 per ounce. By early trading on the 29th, London spot gold was at $4,127 per ounce.
China’s Shanghai Gold main contract fell 1.74% to 896 yuan per gram, and the retail price of gold jewelry edged back to above 1,270 yuan.
The decline was driven by intensified tightening trades: Brent crude oil broke above $100 per barrel, fueling inflation worries. Market expectations for the Federal Reserve’s October rate hike rose to around 68%. The yield on 10-year U.S. Treasuries also touched 5.22%, while both the U.S. dollar and real interest rates strengthened, putting pressure on non-yielding gold.
Since the August 25 peak of $4,697, gold prices have cumulatively fallen by about 12%. Goldman Sachs maintained its year-end 2026 target of $4,650 unchanged, but in the near term, investors should watch the $4,000 psychological support level.
$XAU
#黄金跌至4144美元
On September 28, international gold prices dropped sharply. London spot gold briefly fell to around $4,113 per ounce, with a daily decline of about 4%, marking the lowest level in seven weeks. COMEX gold futures closed at $4,113.4 per ounce. By early trading on the 29th, London spot gold was at $4,127 per ounce.
China’s Shanghai Gold main contract fell 1.74% to 896 yuan per gram, and the retail price of gold jewelry edged back to above 1,270 yuan.
The decline was driven by intensified tightening trades: Brent crude oil broke above $100 per barrel, fueling inflation worries. Market expectations for the Federal Reserve’s October rate hike rose to around 68%. The yield on 10-year U.S. Treasuries also touched 5.22%, while both the U.S. dollar and real interest rates strengthened, putting pressure on non-yielding gold.
Since the August 25 peak of $4,697, gold prices have cumulatively fallen by about 12%. Goldman Sachs maintained its year-end 2026 target of $4,650 unchanged, but in the near term, investors should watch the $4,000 psychological support level.
$XAU
#黄金跌至4144美元
