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fxJul 23, 2026, 4:31 PM

Gold dips to $4,050 as US dollar rallies on Middle East fears

Gold retreated from a weekly high of $4,165 to around $4,050 per troy ounce, driven by a resurgent US dollar amid inflation concerns linked to escalating Middle East tensions.

XAUUSD

Gold (XAU/USD) trimmed gains and fell to approximately $4,050 per troy ounce after hitting a weekly peak of $4,165 on Wednesday.

The selloff was attributed to a renewed rally in the US dollar, fueled by inflation fears stemming from the escalation of the Middle East conflict. The stronger dollar weighed on gold prices as investors priced in potential safe-haven flows and inflationary pressures.

Source: FXStreet Forex News