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FinanceGold slips 0.6% to $4,028.43 as oil rally reignites inflation fears
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Gold prices declined on Wednesday, July 15, 2026, falling 0.6% to US$4,028.43 per ounce, after a 2% gain the previous session. The drop was driven by rising oil prices, which fueled inflation concerns and uncertainty over US interest rate outlook. Oil prices extended gains for a third consecutive session as US President Donald Trump reimposed a naval blockade of all Iranian ports and threatened further strikes unless Tehran resumes negotiations. Elevated crude oil prices stoke inflation worries and expectations of higher-for-longer interest rates, which weigh on non-yielding gold. Top Federal Reserve officials welcomed cooler June inflation data but signaled need for more evidence before easing policy. Traders now see about 58% chance of a rate hike at the Fed's September meeting, down from 76% before the inflation report. The producer price index due later in the day is expected to provide further inflation insight. Spot silver lost 0.5% to US$58.35, platinum eased 0.1% to US$1,629.89, and palladium also fell.
Source report
Spot gold slips 0.6% to US$4,028.43 per ounce as at 0443 GMT
BENGALURU — Gold prices fell on Wednesday (Jul 15) after climbing more than 2% in the previous session, as rising oil prices fueled inflation concerns and uncertainty over the US interest rate outlook, weighing on non-yielding bullion.
- Spot gold was down 0.6% at US$4,028.43 per ounce as at 0443 GMT.
- US gold futures for August delivery eased 0.8% to US$4,035.50.
Gold jumped more than 2% to as much as US$4,100.49 per ounce on Tuesday, rebounding from a two-week low, after data showed US consumer inflation slowed more than expected in June as energy prices retreated.
Oil prices extended gains to a third consecutive session as US President Donald Trump reimposed a naval blockade of all Iranian ports and threatened to hit power plants and bridges next week unless Tehran resumes negotiations, in the latest US escalation of the conflict.
"I reckon that the market is now looking past the consumer price index data, which is kind of a lagging indication... Trump continues to maintain the blockade of ships that (are) flowing out of the Strait of Hormuz, causing oil prices to rise and gold to come under pressure." — Kelvin Wong, Senior Market Analyst, Oanda
Elevated crude oil prices can stoke concerns around inflation and higher-for-longer interest rates. While gold is traditionally seen as an inflation hedge, it loses its appeal as a non-yielding asset in a high-interest-rate environment.
Key Developments
- Federal Reserve outlook: Top Fed officials welcomed cool inflation figures for June but said they would need more such readings to feel confident that price pressures are truly easing.
- Producer Price Index (PPI): Due later in the day, expected to offer further insight on inflation.
- Rate hike probabilities (CME FedWatch Tool):
- 58% chance of a rate increase at the Fed's September meeting (down from 76% before the report)
- ~80% chance of a December hike
Other Precious Metals
| Metal | Price (per ounce) | Change | |-------|-------------------|--------| | Spot silver | US$58.35 | -0.5% | | Platinum | US$1,629.89 | -0.1% | | Palladium | US$1,302.10 | -0.2% |
Source: Reuters
Source
The Business TimesWestern
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