Commodities
Gold Price Plunges as Oil Surpasses $100, Inflation Concerns Rise
Gold prices (XAUUSD) have fallen continuously during intraday trading as of July 24, briefly approaching the $4,000 mark. However, they rebounded this week from $4,000 to a high of $4,166.19.
The rebound was short-lived, and gold prices came under pressure amid rising oil prices and expectations that US inflation would heat up once more.
Brent crude (UKOIL) topped $100 on July 23, pushing up energy prices and becoming a core risk for global markets.
Gold's trajectory has been influenced by the situation in the Middle East, including the conflict between the U.S. and Iran, which has escalated tensions and led to increased shipping risks in key maritime channels.