🔴 Gold ETF (GLD) is trading 3.1% down as oil prices revive Fed rate-hike expectations

GLD is trading at $381.36, down 3.11%, as rising oil prices revived inflation concerns and strengthened expectations of further Federal Reserve rate hikes, pressuring the non-yielding metal.

• Reuters reported spot gold down 2.7% on September 28, 2026.
• President Trump rejected Iran’s proposal to reopen the Strait of Hormuz, helping push oil higher; elevated Treasury yields also increased the opportunity cost of holding gold.