Gold moves in tight range on elevated oil prices

April 23, 2026 (MLN): Gold prices steadied on Thursday as rising oil costs heightened concerns about inflation and the possibility of interest rates staying elevated for longer.

Currently, spot gold is slightly up 0.93% to $4,714.18 an ounce as of [11:03 am] PST, according to data reported by Mettis Global.

Investors also remained cautious amid uncertainty over stalled U.S.-Iran peace negotiations.

Oil prices crossed the $103 per barrel mark, as tensions between Iran and the United States continued to weigh on global markets.

Higher oil prices typically add inflationary pressure by increasing transportation and production costs, which can reinforce expectations for tighter monetary policy.

Although gold is traditionally viewed as a hedge against inflation, higher interest rates reduce its attractiveness compared to yield-bearing assets.

Meanwhile, U.S. crude and petroleum exports rose by 137,000 barrels per day to a record 12.88 million bpd, as buyers in Asia and Europe sought alternative supplies amid the disruption.

At the same time, the United States has maintained a naval blockade targeting Iranian trade. Iranian parliament speaker Mohammad Baqer Qalibaf stated that a comprehensive ceasefire would only be possible if the blockade is lifted.

Market expectations have also shifted, with traders now pricing in a 26% chance of a 25-basis-point Federal Reserve rate cut in December, Reuters reported.

Before the conflict, markets had anticipated two rate cuts within the year.

Other precious metals weakened, with silver falling 2% to $76.17 per ounce, platinum dropping 1.8% to $2,037, and palladium declining 1.2% to $1,526.50.

Copyright Mettis Link News