Global Gold Price Falls 0.4% to One-Week Low, Pressured by US Dollar and Oil Surge
NEW YORK - The global gold price weakened and touched a one-week low during trading on Monday (20/4/2026), amid rising tensions between the United States (US) and Iran that bolstered the US dollar and increased oil prices.
Market participants are monitoring the escalation of the conflict after Iran threatened retaliation over the US seizure of its cargo ship, which has triggered uncertainty in global markets.
Quoting Reuters, at the close of trading on Monday local time or Tuesday (21/4/2026) morning WIB, the spot gold price fell 0.4% to $4,810.26 per ounce, after previously touching the lowest position since 13 April 2026.
Meanwhile, the US gold futures contract for June delivery weakened 1% to $4,828.8 per ounce.
City Index and FOREX.com market analyst Fawad Razaqzada said the geopolitical situation in the Middle East is heating up again and affecting gold price prospects.
“The situation in the Middle East is clearly heating up again, so the gold price projection is slightly tilted towards a decline amid rising risks of a sharp oil price surge, which could push the US dollar and bond yields higher,” he stated.
The ceasefire between the US and Iran is considered fragile following the ship seizure incident. Concerns that the peace agreement could collapse have also driven oil prices up around 5%, particularly as shipping traffic through the Strait of Hormuz remains largely halted.
Although gold is known as a hedge against inflation, demand for the precious metal tends to weaken when global interest rates are high.
Kitco Metals senior analyst Jim Wyckoff said market participants are currently considering daily factors affecting gold.
“Gold market participants are currently choosing negative daily factors, such as a stronger dollar and higher yields,” he said.
Meanwhile, other precious metal prices also weakened. Spot silver fell 1.3% to $79.76 per ounce.
Platinum dropped 1.4% to $2,073.28 per ounce, while palladium fell 0.2% to $1,556.00 per ounce after previously touching a one-week low.