Gold traded around $4,290 an ounce on September 14 2026 after falling more than 1% in the prior session to a five-week low, pressured by a firmer dollar and Treasury yields at multi-year highs as the renewed disruption to Middle East oil flows hardened expectations of a Fed hike to 92%. Gold falling on an oil-driven supply shock is the inverse of a safe-haven response: the market is trading the rate consequence of the shock, not the shock itself.