Global Gold Prices Fall as US Dollar and Oil Rise, Investors Beware New Risks

Global gold prices weakened slightly at the close of trading on Thursday (14 May 2026) local time, or Friday (15 May 2026) morning WIB. The market is monitoring the conflict situation in the Middle East as well as the meeting between US President Donald Trump and Chinese President Xi Jinping. The strengthening of the US dollar index and the surge in global oil prices also influenced gold price movements. Citing Reuters, spot gold fell 0.4 per cent to $4,669.48 per ounce. Similarly, US gold futures for June delivery weakened 0.4 per cent to $4,685.30 per ounce. The US dollar index strengthened 0.3 per cent, making gold more expensive for holders of other currencies and thus reducing investor interest in the yellow metal. At the same time, global oil prices rose following news of the sinking of an Indian cargo ship and the seizure of another vessel near UAE waters reportedly heading to Iranian waters. “What is happening in the strait today is supporting oil prices and continues to fuel expectations of prolonged high interest rates from The Fed. Combined with hot inflation data this week, it is no surprise that the US dollar is strengthening and pressuring gold prices,” said Vice President and Senior Metals Strategist at Zaner Metals, Peter Grant. Expectations of US interest rate cuts are increasingly fading after producer and consumer inflation in the Land of Uncle Sam surged due to rising energy prices. Global Head of Commodity Strategy at TD Securities, Bart Melek, said gold prices could fall deeper if the Middle East conflict does not subside soon. “There is a risk of significant decline in gold if this Middle East conflict is not resolved,” Melek stated.