Gold climbs above $4,100 as Middle East tensions underpin prices

Gold  |  2026-07-22 00:30:20   |   By

The next FOMC meeting is scheduled for July 28-29, with the policy statement and Fed Chair Kevin Warsh's press conference expected on Wednesday, July 29.

SEATTLE (Scrap Monster):  Gold prices extended gains on Wednesday, climbing above the $4,100-an-ounce level as traders monitored escalating tensions in the Middle East, while rising energy prices continued to shape expectations for the Federal Reserve's interest-rate outlook.

At 21:44 ET (01:44 GMT), XAU/USD rose 1% to $4,119.54 an ounce, while Gold Futures gained 1.2% to $4,123.90. {XAG/USD climbed 1.9% to $59.93 an ounce, while XPT/USD advanced 2.4% to $1,667.68.

Middle East tensions keep markets focused on inflation risks

Gold built on the previous session's nearly 2% rally as traders monitored renewed threats to global energy supplies that risk keeping inflation elevated and complicating the Federal Reserve's policy outlook.

The next FOMC meeting is scheduled for July 28-29, with the policy statement and Fed Chair Kevin Warsh's press conference expected on Wednesday, July 29.

U.S. President Donald Trump downplayed the prospect of immediate talks with Iran as the two sides exchanged fresh strikes near the Strait of Hormuz, while Yemen's Houthi movement renewed threats against shipping in the Red Sea.

Oil prices edged higher after extending strong gains throughout July as hostilities in the nearly five-month conflict continued, while a fresh wave of attacks along Russia's Black Sea coast, through which much of Kazakhstan's crude exports flow, added to concerns over global energy supplies.

The prospect of persistently higher energy prices has left investors weighing inflation risks against softer U.S. economic data, with elevated borrowing costs continuing to act as a headwind for non-yielding bullion.

Courtesy: www.investing.com