Gold Prices Drop Following U.S. Strikes on Iranian Oil Tankers
On Wednesday, September 9, 2026, gold prices fell by 0.9% as the U.S. military destroyed five Iranian oil tankers in response to attacks on American warships. The strikes occurred in the Gulf of Oman and near Kharg Island, continuing a pattern outlined by Admiral Brad Cooper that involves imposing economic costs after Iranian aggression. The escalation comes just one week before the Federal Reserve is set to announce its decision regarding interest rates amid rising energy prices caused by ongoing tensions with Iran. Higher interest rates could potentially limit gold's price growth since it does not generate income like other investments. Meanwhile, oil prices have surged above $100 per barrel due to heightened geopolitical risks. Gold futures opened at $4,399 per troy ounce but briefly rebounded in early trading before settling lower for the day.
