High oil prices reinforce interest rate hike expectations; gold prices continue to fall but are supported by dip buying

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智通财经2026/07/24 06:51

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During Friday's Asian trading session, international gold prices continued their decline, once dropping 0.66% to around $4,022.5/ounce, then rebounding to around $4,035/ounce supported by dip buyers. On Thursday, Brent crude oil prices once rose above $100 per barrel, sparking inflation concerns and further strengthening the case for an interest rate hike ahead of next week's Federal Reserve policy meeting, putting pressure on gold, which fell nearly 2% on Thursday.
Brian Lan, Managing Director of GoldSilver Central, said that short-term market volatility may increase, with gold prices recently fluctuating repeatedly within the $3,980 to $4,170 range. Every time the price nears or slightly falls below $4,000, large buyers enter the market to push up prices, providing some support for gold.
In terms of geopolitics, after Yemen’s Houthi forces attacked two Saudi oil tankers in the Red Sea, US President Trump promised to impose "major military punishment" on Iran and its Houthi allies.
The market is closely watching next week's Federal Reserve policy meeting. According to CME FedWatch, traders currently estimate the probability of a rate hike in September at around 82%.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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High oil prices reinforce interest rate hike expectations; gold prices continue to fall but are supported by dip buying

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