Gold prices fell on Wednesday after climbing ⁠more than 2% in the previous session, as rising oil prices fuelled inflation concerns and uncertainty over the U.S. interest-rate outlook, weighing on non-yielding ‌bullion.

Spot gold was down 0.5% at $4,035.67 per ounce, as of 0300 GMT. U.S. gold futures for August ‌delivery eased 0.7% to $4,042.20.

Gold jumped more than 2% to ‌as ⁠much as $4,100.49 per ounce on Tuesday, rebounding from a ⁠two-week low, after data showed U.S. consumer inflation slowed more than expected in June as energy prices retreated.

Oil prices extended gains to a third consecutive session ​as U.S. President Donald Trump ‌reimposed a naval blockade of all Iranian ports and threatened to hit power plants and bridges next week unless Tehran resumes negotiations, in the latest U.S. escalation of the conflict.

"I reckon ‌that the market is now looking past the ​CPI data, which is kind of a lagging indication... Trump continues to maintain the blockade of ships that ⁠is flowing out of the Strait of Hormuz, causing oil prices to rise and gold to come under pressure," said Kelvin Wong, ‌a senior market analyst at OANDA.

Elevated crude oil prices can stoke concerns around inflation and higher-for-longer interest rates, and while gold is traditionally seen as an inflation hedge, it does lose its appeal as a non-yielding asset in a high-interest-rate environment.

Top Federal Reserve officialswelcomed cool inflation figures for June, but said they ‌would need more such readings to feel confident that price pressures are truly ​easing.

The Producer Price Index, due later in the day, is expected to offer further insight on inflation.

Traders ⁠now see about a 58% chance of a rate increase ⁠at the Fed's September meeting, versus 76% before the report, and are still pricing an about 80% chance of ‌a December hike, CME FedWatch Tool's data showed.

Elsewhere, spot silver lost 0.3% to $58.48 per ounce. Platinum gained 0.2% to $1,635.56 and ​palladium edged 0.2% higher to $1,307.11.

Published on July 15, 2026