Gold prices today, Tuesday, September 1, 2026: Gold moves lower as rate-hike expectations grow

On Tuesday, September 1, 2026, gold prices were seen sliding as expectations of interest rate increases rose. Gold futures for December opened at $4,498.70 per troy ounce, marking a 0.4% increase from Monday's close. However, the current value of gold is now $4,432.20 per troy ounce, down from the morning's opening price. The ongoing conflict in Iran and persistent high inflation continue to weigh on gold prices.

Federal Reserve Chair Kevin Warsh's recent remarks about the Fed still needing to control prices, coupled with recent tensions in the Middle East, have fueled speculation about rate hikes before the Federal Reserve's upcoming meeting. FedWatch tool estimates a 66.4% chance of a 25 basis point rate increase this month and a 33.6% likelihood of unchanged rates.

This shift in expectations is a significant contrast to just a week ago, when economists believed there was a 60.4% chance the Fed would keep rates steady and a 39.6% probability of an increase. Since interest rates are a natural deterrent for gold, the opening price of gold futures on Tuesday was a modest 0.4% higher than Monday's close.