Gold price today, Wednesday, September 2, 2026: Gold slips further as military actions escalate in Iran
On Wednesday, September 2, 2026, the price of gold slipped further as military actions in Iran escalated. The December futures for gold opened at $4,377.20 per troy ounce, a drop of 0.4% from the previous day's closing price. By 6:31 a.m. ET, gold had dropped even more to $4,357.50 per troy ounce.
The escalation in the U.S.-Iran conflict has led to violence between the two nations. The U.S. military carried out additional strikes on Iranian targets, while Iran retaliated by attacking U.S. military bases in the Middle East. These attacks represent a significant escalation in the ongoing conflict.
As tensions rise, oil prices are on the rise once again, with the Strait of Hormuz remaining the focal point of the conflict. If the fighting persists and energy costs surge, the Federal Reserve may consider raising interest rates later this month. Higher interest rates could hinder gold price growth, potentially capping its increase.
The opening price of gold futures on September 2 was down 0.4% from the closing price on Tuesday. To provide context, gold has seen a remarkable one-year gain of 95.6% since January 29, 2026.
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