Gold climbs to $4,116 on technical buying

July 22, 2026 (MLN): Gold prices climbed to a two-week high on Wednesday, lifted by technical buying as investors weighed the widening Middle East conflict and looked ahead to next week's US Federal Reserve meeting for signals on the interest rate path.

Currently, spot gold is up 2.74% to $4,116.05 an ounce as of [2:39 pm] PST, according to data reported by Mettis Global.

Escalating tensions in the Middle East have pushed oil prices higher and stoked inflation concerns, reinforcing expectations of tighter monetary policy, a dynamic that had driven gold to its steepest weekly decline since early June just last week, CNBC reported.

Higher-for-longer interest rates raise the opportunity cost of holding non-yielding bullion, weighing on the metal's appeal.

Adding to the tension, three tankers carrying Saudi crude to Asia reversed course in the Red Sea on Tuesday after coming under threat from Yemen's Iran-aligned Houthi forces, as the broader conflict continued to disrupt shipping through two of the world's most critical energy corridors.

Among other precious metals, spot silver advanced 1.9% to $59.87 an ounce, after earlier touching its highest point since July 10. Platinum gained 2.4% to $1,667.22, while palladium rose 3% to $1,320.75.

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