Gold Surpasses $4,100 Amid Middle East Tensions
At 21:44 ET (01:44 GMT) on 22 July 2026, the spot price of gold (XAU/USD) rose 1 % to $4,119.54 per ounce, pushing the metal above the $4,100‑an‑ounce threshold. Gold futures (GC) gained 1.2 % to $4,123.90. Silver (XAG/USD) climbed 1.9 % to $59.93 an ounce and platinum (XPT/USD) advanced 2.4 % to $1,667.68.
The price rally continued the nearly 2 % gain recorded in the previous session, driven by escalating tensions in the Middle East that renewed concerns over global energy supplies and the prospect of sustained inflation. U.S. President Donald Trump down‑played immediate talks with Iran as both sides exchanged fresh strikes near the Strait of Hormuz, while Yemen’s Houthi movement renewed threats against shipping in the Red Sea. Concurrently, oil prices edged higher after extending strong gains throughout July, and a fresh wave of attacks along Russia’s Black Sea coast—through which much of Kazakhstan’s crude exports flow—added to worries about energy supply disruptions.
Investors are weighing inflation risks against softer U.S. economic data, with elevated borrowing costs remaining a headwind for non‑yielding bullion. The Federal Reserve’s next FOMC meeting is scheduled for 28‑29 July, with the policy statement and Fed Chair Kevin Warsh’s press conference expected on 29 July. Market participants anticipate that persistently higher energy prices could keep inflation elevated and complicate the Fed’s policy outlook.
Tony Sycamore, market analyst at IG, observed that gold’s rebound despite a stronger U.S. dollar and rising Treasury yields indicates a re‑establishment of the metal’s traditional safe‑haven role as geopolitical tensions intensify. He noted that cleaner retail positioning may also be supporting bullion’s appeal. Sycamore identified an emerging base around the late‑June low of $3,942 and said a sustained break above the down‑trend resistance near $4,120, followed by a move through the early‑July high of $4,202, would strengthen the case for a broader recovery toward the 200‑day moving average near $4,494. IG remains cautiously bullish on gold while prices stay above the late‑June low, which continues to serve as the key technical reassessment level.
Silver also extended gains after jumping more than 4 % in the previous session, as traders continued to monitor Middle East developments alongside the Federal Reserve’s policy outlook.