According to gold prices announced by the Korea Gold Exchange on September 29, 2026, prices of pure gold, 18K, 14K, platinum, and silver all declined.

[Domestic Precious Metals Prices]

One don (3.75g) of pure gold was quoted at 792,000 won for purchase and 680,000 won for selling. Pure gold (24K) fell 16,000 won (-2.02%) from the previous day to 792,000 won for purchase, while the selling price dropped 4,000 won (-0.59%) to 680,000 won.

The 18K gold selling price fell 3,000 won (-0.60%) from the previous day to 499,800 won. The 14K gold selling price also declined 2,300 won (-0.59%) to 387,600 won.

Platinum fell 2,000 won (-0.61%) to 327,000 won for purchase and 2,000 won (-0.75%) to 265,000 won for selling compared to the previous day.

One don (3.75g) of silver fell 210 won (-1.88%) to 11,160 won for purchase and 180 won (-1.94%) to 9,290 won for selling.

[International Gold Prices — Why the Weakness?]

International gold prices have recently failed to show clear strength. Rising U.S. Treasury yields, a stronger dollar, and the possibility of additional benchmark rate hikes appear to be weighing on the gold market.

In the international gold market on the 28th (local time), spot gold at one point fell to $4,110.55 per ounce, recording its lowest level since August 5. In afternoon trading, it fell 3.5% to $4,136.81, and U.S. gold futures also closed down 3.5% at $4,168.40. The intraday decline reached about 4%.

A key variable in the recent gold market is U.S. Treasury yields. As the yield on the 10-year U.S. Treasury rose to its highest level since June 2007, the relative appeal of gold, which pays no interest, diminished. Since gold generates no interest income simply by being held, higher market rates put it at a disadvantage in competition with interest-bearing assets such as bonds.

The stronger dollar also pressured gold prices. As the dollar traded near its highest level in about two months, the cost for investors in other currencies to buy dollar-denominated gold increased. The simultaneous rise in Treasury yields and dollar strength appears to have amplified short-term selling pressure in the gold market.

[U.S.-Iran Relations, Conflicting Effects]

U.S.-Iran relations are having conflicting effects on gold prices. While geopolitical tension typically stimulates safe-haven demand for gold, this time the path of rising international oil prices driven by Middle East instability — fueling inflation concerns and raising the likelihood of prolonged high U.S. interest rates — has had the stronger effect.

In fact, international oil prices rose about 3% on the 28th as U.S.-Iran negotiations remained deadlocked, and markets were wary that rising oil prices could reignite U.S. inflation. Interest rate futures markets priced in about a 94% probability of a U.S. rate hike in December. After the Federal Reserve raised its benchmark rate by 0.25 percentage points in September, the possibility of additional hikes has continued to burden gold.

However, the direction of the U.S.-Iran variable is not yet certain. President Trump said on the 27th that he expects further negotiations with Iran this week. While differences between the two sides remain large, continued negotiations could change international oil prices and geopolitical risk premiums once again.

[Outlook and Key Indicators to Watch]

Going forward, what matters more for gold prices than U.S.-Iran tensions themselves is how the issue affects international oil prices, U.S. inflation, and Treasury yields. Even if Middle East tensions escalate, if rising oil prices lift inflation concerns and expectations of further rate hikes, safe-haven demand may not translate directly into higher gold prices. Conversely, if U.S.-Iran negotiations progress, oil prices stabilize, and U.S. Treasury yields fall, there is room for interest rate pressure on the gold market to ease.

U.S. employment indicators and the personal consumption expenditures (PCE) price index scheduled for this week are also variables for gauging the Fed's future rate path. Therefore, the gold market currently needs to watch which force grows stronger: geopolitical tension or interest rate pressure.

[※ This article is for investment reference only and does not recommend buying or selling. Investment decisions and their consequences are the responsibility of the investor.]