Gold Extends Decline as Surging Energy Costs Lift Rate-Hike Expectations

Singapore, 24 July 2026 – Gold remained under pressure after suffering its sharpest decline in weeks as oil prices above US$100 a barrel intensified inflation concerns and strengthened expectations that major central banks could maintain higher interest rates or tighten policy further.

Spot gold fell more than 2% to around US$4,043 an ounce, retreating from a two-week high reached during the previous session. US gold futures for August delivery settled approximately 2.5% lower near US$4,050 an ounce, as rising bond yields and a stronger dollar reduced demand for the non-yielding metal. Reuters