Gold Falls as US-Iran Hostilities Keep Interest-Rate Hike Expectations Alive

Kuala Lumpur, 20 July 2026 – Gold prices declined as intensifying hostilities between the United States and Iran pushed oil prices higher, revived inflation concerns and kept expectations of tighter US monetary policy firmly in view.

The retreat shows how rapidly the market relationship between geopolitics and precious metals can change. Gold would normally benefit from rising international tensions because investors often treat it as a defensive asset during periods of uncertainty.