Global Gold Prices Hit Weekly Low, Burdened by Oil Price Surge

NEW YORK - Global gold prices weakened and touched their lowest level in more than a week at the end of trading on Thursday (23 April 2026) local time, or Friday morning (24 April 2026) Western Indonesia Time. Gold was pressured by inflation concerns due to the conflict in the Middle East, which could potentially prolong the trend of high interest rates. Citing Reuters, the spot gold price fell 0.9% to $4,697.06 per ounce, after reaching the lowest level since 13 April 2026 in the previous session. During the same trading session, gold even dropped more than 1% to $4,663.69 per ounce. Meanwhile, the US gold futures price for June delivery closed down 0.6% at $4,724 per ounce. “The US and Iran are playing a dark version of the Battleship game, reigniting concerns that a ceasefire could collapse at any moment. This has driven a sharp surge in crude oil prices, which in turn pressures other assets, including gold,” he said. He added that the previous rally in precious metals prices is now starting to subside. “Gold prices that approached $4,900 per ounce last Friday now seem like a distant memory as the precious metal rally fades,” Wong added. The Iran conflict also boosted global oil prices, with Brent crude trading above $100 per barrel in Thursday’s trading. The rise in energy prices could potentially increase inflation, which in turn raises the likelihood of interest rate hikes. Although gold is known as a hedge against inflation, high interest rates reduce its attractiveness because it offers no yield. Additional pressure on gold prices came from the strengthening US dollar, which makes gold more expensive for holders of other currencies. This condition reduces investor interest in the yellow metal. In addition, the yield on the US 10-year government bond also rose to its highest level in more than a week, increasing the opportunity cost of holding gold, which provides no yield. Prices of other precious metals also weakened. Silver prices fell 2.7% to $75.55 per ounce, platinum dropped 3.2% to $2,008.22 per ounce, and palladium plunged 5% to $1,465.23 per ounce.