Gold Market Update – 23 July 2026
At 21:32 ET (01:32 GMT) on Thursday, the spot price of gold (XAU/USD) edged up 0.1% to $4,132.07 per ounce, keeping the metal firmly above the psychologically important $4,130 level. Gold futures slipped 0.4% to $4,134.55. Silver (XAG/USD) was little changed at $59.71 per ounce, while platinum (XPT/USD) rose 0.5% to $1,652.58.
Geopolitical backdrop
Escalating tensions in the Middle East, including the first reported attacks on tankers transiting the Red Sea since the conflict began in late February, were claimed by Yemen’s Iran‑backed Houthi movement. These disruptions have helped keep oil prices near multi‑week highs, reinforcing expectations that the Federal Reserve may maintain elevated interest rates.
Inflation and rate outlook
Higher energy prices are sustaining inflation concerns ahead of the Federal Reserve’s meeting next week. Investors remain divided on whether the Fed will deliver another rate hike, with limited guidance from Chair Kevin Warsh adding to the uncertainty.
Market positioning
ANZ analysts noted that despite the higher‑rate backdrop, investors have continued rebuilding gold positions. Non‑commercial net long positions have climbed to their highest level since January, and inflows into gold‑backed exchange‑traded funds indicate that some market participants are using bullion as a hedge against stretched equity valuations.
Technical perspective
Gold has consolidated recent gains after rallying about 3% over the previous two sessions. The metal remains above the $4,000 level this week after a sharp decline from its January record high, with traders watching for momentum to challenge resistance near $4,200.
Summary of key figures
- Spot gold: $4,132.07/oz (+0.1%)
- Gold futures: $4,134.55/oz (‑0.4%)
- Silver: $59.71/oz (little change)
- Platinum: $1,652.58/oz (+0.5%)
- Gold rally: ~3% over two sessions
- Non‑commercial net longs: highest since January
- Oil prices: near multi‑week highs following Red Sea tanker attacks