Global Gold Steadies on Thursday as Fed Rate-Hike Odds Fall; Near 4,060 Dollars

Global gold steadied on Thursday, 16 July 2026, after a week of sharp swings, rebounding to around 4,060 dollars an ounce after touching an intraday low near 4,017 dollars. The recovery was driven by softer US inflation data: the June Producer Price Index fell 0.3 percent, with the annual rate easing to 5.5 percent from 6 percent a month earlier.

The data reinforced expectations that the Federal Reserve will hold rates steady at its July meeting. According to the CME FedWatch tool, the probability of a rate increase at the coming meeting fell to about 10.2 percent, from around 16.6 percent before the release. On the other side, the jump in oil prices and the inflation risk it carries have capped gold's room to climb further.

Global gold is the main pricing reference for coins and gold in Iran's domestic market.