Gold prices fall amid stronger dollar, higher oil

April 24, 2026 (MLN): Gold prices declined on Friday, weighed down by a firmer U.S. dollar and rising oil prices that heightened inflation concerns, as investors monitored developments surrounding stalled U.S.-Iran negotiations.

Currently, spot gold is down by 1.38% to $4,673.52 an ounce as of [10:00 am] PST, according to data reported by Mettis Global.

The dollar edged higher, making gold more expensive for buyers using other currencies.

At the same time, yields on benchmark 10-year U.S. Treasury bonds climbed to their highest level in over a week, increasing the opportunity cost of holding non-yielding assets like gold, according to CNBC.

Geopolitical tensions added further uncertainty.

Iran seized two vessels in the Strait of Hormuz, tightening its control over the crucial shipping route after U.S. President Donald Trump announced an indefinite halt to planned military action, with no immediate progress toward renewed talks.

Iranian authorities denied agreeing to any extension of the truce and accused Washington of breaching it by continuing maritime trade restrictions.

Meanwhile, Brent crude surged above $106 per barrel, driven by the stalled diplomatic efforts and ongoing disruptions to trade flows through the strait.

The increase came despite a diplomatic breakthrough between Israel and Lebanon, which agreed to extend their ceasefire following high-level talks at the White House.

Elevated oil prices are seen as a key driver of inflation, reinforcing expectations that interest rates could remain high for longer.

Although gold is traditionally viewed as a hedge against inflation, higher interest rates tend to reduce its appeal, as the metal does not offer any yield.

Copyright Mettis Link News