GLD is trading at $379.46 (-3.55%) as higher oil prices revived inflation concerns and strengthened expectations of further Federal Reserve rate hikes. - Reuters reported spot gold fell 2.7% on September 28. - President Trump’s rejection of Iran’s proposal to reopen the Strait of Hormuz pushed oil prices and Treasury yields higher, adding pressure to non-yielding gold. - The 10-year yield reached about 5.20% amid renewed inflation worries.