Gold Climbs to $4,075 Amid Geopolitical Tensions and Inflation Fears

Gold prices rose modestly to $4,075 an ounce on July 29, 2026, amidst escalating geopolitical tensions and rising inflation concerns. The increase was largely driven by a surprise Iranian attack on US military positions, which sent oil prices surging and boosted demand for gold as a safe-haven asset.

The market is currently navigating a volatile mix of factors, including the upcoming Federal Reserve rate decision under Chairman Kevin Warsh. Investors are cautious about the impact of higher interest rates on gold prices, which do not pay dividends or interest, making them less attractive compared to yield-bearing assets.

RHB Investment Bank Bhd's research team maintains a bearish stance on gold, urging traders to hold short positions as selling momentum builds. They point out that COMEX gold remains below the critical resistance level of $4,200, suggesting limited upside in the near term.