Gold Slips Below $4,400 as Rising Oil Prices and Treasury Yields Weigh on Bullion

TLDR

• Gold fell 0.5% to $4,395.78 as Treasury yields and oil prices pushed higher
• Iran’s threat of a “fully offensive” military posture lifted oil and stoked inflation fears
• Markets now price a 65% chance the Fed holds rates steady in September
• Central banks bought 244 tonnes of gold in Q1 2026, the highest since Q4 2024
• ANZ forecasts gold reaching $5,200 an ounce by year-end

Gold fell on Tuesday as two familiar headwinds returned: rising U.S. Treasury yields and climbing oil prices. The combination pushed the precious metal down 0.5% to $4,395.78 an ounce in early trading.

Gold futures also slipped 0.5% to $4,451.07. Silver dropped 0.8% to $65.24 an ounce, and platinum fell 0.7% to $1,760.90.

The U.S. Dollar Index edged up 0.1% to 99.67, adding a small layer of pressure on dollar-denominated commodities.

Treasury Yields Raise the Cost of Holding Gold

The benchmark 10-year U.S. Treasury yield extended its rise on Tuesday. When yields go up, the opportunity cost of holding gold, which pays no income, goes up with them.

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