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Gold Prices Surge on Oil Price Drop

Guavy AI Editorial Team Published August 4, 2026

Instruments

USD

Gold prices surged by 1% on Tuesday to $4,092.43 per ounce after oil prices dropped to a three-week low.

The decline in oil prices reduced inflation fears and lowered expectations of interest rate hikes from the Federal Reserve.

Bart Melek, global head of commodity strategy at TD Securities, said lower oil is one of the drivers supporting gold prices.

Traders are now pricing in a 57% chance of a rate hike in the central bank's September meeting.

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