Gold prices declined on Thursday, April 23, 2026, as rising oil prices intensified inflation concerns and kept pressure on interest rates, even as investors awaited clarity on potential U.S.-Iran peace talks.
Spot gold fell 0.47% to $4,716.67 per ounce, and U.S. Gold futures for June delivery dropped 0.6% to $4,722.10, according to market data.
Brent crude remained above $100 per barrel after larger-than-expected drops in U.S. Gasoline and distillate inventories, with no progress reported in the U.S.-Iran negotiations.
Tim Watrr, senior market analyst at KCM Trade, said the return of Brent crude above $100 keeps inflation concerns at the forefront and puts gold in a defensive position today.
Higher oil prices can fuel inflation by increasing transportation and production costs, raising the likelihood of further interest rate hikes.
While gold is traditionally viewed as a hedge against inflation, rising interest rates make yield-bearing assets more attractive, reducing demand for the precious metal.
