Gold rose back above $4,100/oz after Wednesday’s sell-off, supported by a softer dollar and renewed Middle East tensions following another round of US‑Iran strikes. Rising energy prices could complicate the inflation outlook and bolster expectations

2026-07-09

Gold rose back above $4,100/oz after Wednesday’s sell-off, supported by a softer dollar and renewed Middle East tensions following another round of US‑Iran strikes. Rising energy prices could complicate the inflation outlook and bolster expectations the Fed will keep policy tighter for longer or hike further. June FOMC minutes showed an internal hawkish shift, pressing precious metals. Capital Economics economist Thomas Ryan said: "The minutes reiterate that the door to a September rate hike remains wide open."