Gold's December futures opened at $4,399 per troy ounce on Wednesday, September 9, 2026, down 0.9% from Tuesday's close, after the U.S. military destroyed five Iranian oil tankers. Prices then rebounded above $4,438, while oil climbed past $100 a barrel as the Iran conflict escalates a week before the Fed's next rate decision.
Gold opened lower Wednesday, then clawed back its losses within hours. Futures fell to $4,399 per troy ounce before climbing to $4,438.20 as of 6:34 a.m. ET. The swing came as Iran-linked military escalation kept pressure on both metals and energy markets.
US strikes hit five Iranian oil tankers
U.S. Central Command said late Tuesday that American forces destroyed five Iranian crude oil carriers, again citing the IRGC's targeting of a U.S. Navy warship with ballistic missiles. Four tankers, M/T Kaviz, M/T Charminar, M/T Horizon 1, and M/T Riesco, were hit in the Gulf of Oman, while a fifth, M/T Derya, was struck near Kharg Island. These latest attacks appear to be a continuation of the policy Admiral Brad Cooper outlined on Saturday. According to Admiral Brad Cooper: "we will impose an even higher economic cost".
Oil tops $100 as Fed decision nears
Oil prices are currently over $100 a barrel, pushing gold to its lowest opening value in a week. The Federal Reserve will decide in one week whether to hold rates steady or raise them to help battle rising energy prices brought on by the Iranian war. Raising rates would likely limit gold's price growth, since the metal doesn't pay interest.
Gold still up over the past year
Despite Wednesday's dip, gold's opening price is up 1.6% from a week ago, 2.9% from a month ago, and 20.6% from a year ago. For context, gold's one-year gain reached 95.6% on Jan. 29.
Source: Yahoo Finance
Trading involves risk.
Risk Disclaimer
