Gold set for weekly drop as higher oil prices stoke inflation fears

Published Fri, Apr 24, 2026 · 10:42 AM

GOLD held steady on Friday, but was on track for a weekly drop as elevated oil prices fuelled fears of inflation and higher-for-longer interest rates amid stalled US-Iran peace talks.

Spot gold was up 0.1 per cent at US$4,697 per ounce, as of 0105 GMT. The metal is down 2.6 per cent so far this week after a four-week winning run.

US gold futures for June delivery fell 0.2 per cent to US$4,712.50.

Brent crude prices have risen over 18 per cent so far this week to hover above US$105 a barrel, as the key Strait of Hormuz remained largely closed despite an extension to the ceasefire.

Lebanon and Israel extended their ceasefire for three weeks after a high-level meeting at the White House, US President Donald Trump said on Thursday. Trump told reporters that he believed Teheran wanted to make a deal but that its leadership was in turmoil. He said he was in no hurry for a deal, but if Iran did not want one, “I’ll finish it up militarily.”

CME Group on Thursday cut the initial margin on its COMEX 100 gold futures to 6 per cent from 7 per cent and lowered the initial margin on its COMEX 5,000 silver futures to 11 per cent from 14 per cent.

Spot silver fell 0.1 per cent to US$75.36 per ounce, platinum lost 0.5 per cent to US$1,996.13, while palladium was steady at US$1,468.50.