Oil rally lifts inflation fears, pushing 2-year Treasury yield to 4.33% and weighing on gold
AI Market Summary
Oil’s jump to a six-week high after fresh US strikes and Red Sea tanker attacks has revived inflation persistence concerns, lifting the US 2-year yield to 4.33% (17-month high). Higher real-rate expectations and profit-taking after a sharp rally weighed on gold despite a softer dollar. Markets are now focused on the July 29 Fed decision, where guidance on rates is likely to steer near-term gold positioning.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+0.15%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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On July 23, global crude oil prices rose to a six-week high after the United States carried out fresh strikes on Iran and Yemen’s Houthis attacked oil tankers in the Red Sea. The move revived worries about inflation, lifting the 2-year U.S. Treasury yield to a 17-month high of 4.33% and softening demand for gold as a safe haven. In India, MCX gold futures fell 1.45% to 143561 rupees per 10 grams. Markets are awaiting guidance from the U.S. Federal Reserve’s policy meeting on July 29.
